This is a pretty terrible idea. Concentrating lending and money creation to one institution like The Federal Reserve is idiotic because concentrating any immense power to a small group of individuals is ripe for corruption and blunder. Alternatively I would argue why don't we let banks fail more often. Then have depositors be smart when they put there money into different institutions. If you think that BofA lending out thousands of subprime mortgages in Arizona and California is a bad idea then don't put your money in BofA put it in another institution that you trust more. If you want more regulation then make what the banks are doing with there money more transparent. Most average people who do not have a very good understanding of finance and markets are always so apt to say, "we need more government control." That is very unwise because as bad as our financial institutions can be at times our policy makers are much worse.