Bloomberg is reporting the Obama administration is considering stripping the SEC of some regulatory power and giving that oversight to the Federal Reserve.

The Obama administration may call for stripping the Securities and Exchange Commission of some of its powers under a regulatory reorganization that could be unveiled as soon as next week, people familiar with the matter said.

The proposal, still being drafted, is likely to give the Federal Reserve more authority to supervise financial firms deemed too big to fail. The Fed may inherit some SEC functions, with others going to other agencies, the people said. On the table: giving oversight of mutual funds to a bank regulator or a new agency to police consumer-finance products, two people said.

Bloomberg goes on to say this is all about the SEC ignoring Bernie Madoff and other major screw ups in their regulatory duties, but to give powers to an organization which has no real oversight by the government?

We already cannot get transparency from the Fed, as Senator Bernie Sanders.