While it's not the best outcome, compared to what the President is proposing about giving the Federal Reserve more powers to not use (or use incorrectly and/or unevenly), this is a much better outcome.
It's similar to the concept of the 3 branches of government. Absolute power corrupts absolutely, and the Fed has had too much power for too long as it is. Dividing responsibilities among different organizations will prevent this concentration of power among people who don't give a goddamn about the needs of the citizenry. (Greenspan didn't and Bernanke sure as hell doesn't.) It will also force those other regulatory bodies to build their strengths. The FDIC, CFTC, SEC, OTS, OCC and whomever else gains powers through this legislation have been long neglected in the financial regulatory framework (especially the SEC), with too few strong players on bench to execute their missions. Hopefully, this is the beginning of balancing the Fed's evil powers with less evil powers elsewhere. (Whether there will be good coming out of these other agencies is TBD.)
This makes me happy, sort of! Yay!
P.S.: The Federal Reserve should still be audited. Even if this effort is successful, it doesn't change the need to audit and hopefully dismantle the Fed.