Mary Schapiro

I believe a hybrid approach consisting of a single systemic risk regulator and a powerful council is most appropriate...there needs to be a government entity responsible for monitoring our entire financial system for system-wide risks, with the tools to forestall emergencies. I believe this role could be performed by the Federal Reserve or a new entity specifically designed for this task.
...
I agree with the Administration and FDIC Chairman Bair that this SRR {systemic risk regulator, i.e. Federal Reserve} must be combined with a newly-created Council. I believe, however, that any Council must be strengthened beyond the framework set forth in the Administration's "White Paper."

See further comments on an oversight council:
Sheila Bair's Testimony ; Daniel Turullo's Testimony