At least it's been a bipartisan effort: Senate Banking Committee Chairman Chris Dodd, D-Conn, has a bill that would strip the Fed of its powers to regulate banks and give the Senate a role in selecting the Fed's 12 regional presidents. The eccentric Rep. Ron Paul, R-Texas, author of a book called "End the Fed," earned a rare legislative victory last week when the House Financial Services Committee endorsed his legislation to give the Government Accountability Office oversight powers over the Fed.

Both of these proposals are bad legislation. Each would have unintended consequences for the greater economy, while simply distracting Washington's attention from solving the real root causes of the economic crisis. But if Fed Chairman Ben Bernanke's not sweating bullets yet, he will be...