WASHINGTON, D.C. — Minnesota Rep. Collin Peterson today railed against the Obama administration’s proposal to give more power to the Federal Reserve.

During a congressional hearing on financial regulation, Peterson, chair of the House Agriculture Committee, said in prepared testimony: “I am skeptical of the idea of a systemic risk regulator in general and very much opposed to having the Fed play a leading role as this draft proposes.

“As I have said before, no one regulator, agency, board or entity is smart enough to measure a true rise in the value of assets as opposed to the creation of a bubble,” the 7th District Democrat continued. “Nor should one regulator be given so much independent power over our economy. Given the Federal Reserve’s cozy relationship for many decades with many of the too big to fail institutions that fall under their new regulatory power, makes me wonder whether anything would really change.”

Under the Obama administration’s proposal, the Fed would gain power to regulate futures and derivatives. These financial instruments are currently regulated by the Commodity Futures Trading Commission, which the Agriculture Committee oversees.

“Why are we even thinking about giving more power and authority to the Fed?” Peterson said. “It is one of the most unaccountable parts of the federal government.”

To read more on today’s hearing, go here.