Searching for ways to stem the economic crises in the future, the Senate and the White House are nearing a deal that would see the creation of a council of banking regulators, despite some opposition from Senate Republicans. Led by the Treasury secretary, its primary function would be to closely monitor banking activities for systemic risk. The creation of a council would diminish the authority of the Federal Reserve, which has borne waves of criticism for allowing the crisis to get out of hand. Fed Chairman Ben Bernanke has reportedly said he would not object to a Treasury-led council. "The idea of having a council, with the secretary of the Treasury as chair, and the Fed chairman or his designee as vice chair, is that you’re getting an early-warning system," said Chris Dodd, chairman of the Senate Banking Committee.