Why is Obama naming the FED the regulator to control risk when FED interest rates are almost zero?

Shouldn't the FED be closed for allowing so much risk? I mean zero interest rate!!! do you want more than that?? In Geithner plan the FED is placing tax payers on the hook for almost 90% or more of the banks toxic assets.Why is Obama naming the FED the regulator to control risk when FED interest rates are almost zero?
its called a political pay back you have a very valid point