Well, great.

"The plan would beef up the powers of the Fed"
US officials are planning a complete overhaul of the US financial sector, they say, but only once the current turmoil is over. If we get through this any time soon, the plan is to give the Fed much broader powers in order to be able to assess and regulate the financial markets in order to "avoid" recession or other negative economic situations. Give the Fed more power? Again, at best the Fed is a semi-private bank, designed in such a way that it must operate with its own interests in mind, why would the US government hand over power to control the country's economy to a group of president-appointed bankers largely unsupervised in their decision-making?
Also, if you noticed, the Fed gave JP Morgan Chase a $30 billion loan to purchase the ailing investment bank Bear Stearns. JP Morgan Chase(another link,) already claims to have up to $800 billion in assets and to do business with 99% of Fortune 1000 companies, why is the Fed encouraging them to buy up a large bank at a fraction of its previous value?