Why Bernanke wants to keep responsibility for consumer protection at the Fed

Why is Bernanke so keen that responsibility for consumer protection be kept at the Fed? Presumably, with millions of consumers in a negative equity position thanks to the (Fed-induced) rise and collapse of the housing bubble, it isn't because he thinks the Fed has done a good job.

Both Bernanke and Greenspan continue to claim that it is impossible to prevent bubbles. Why do they so vehemently stick to this line? Because the minute they admit that it is untrue, as it undoubtedly is, the Fed will no longer be allowed to engineer bubbles that rip off consumers and transfer wealth from poor to rich. The Fed does not exist to protect consumers. The Fed exists to service the commercial banks', to act as their banker. Putting both roles under the same roof creates the mother of all conflicts.

Retaining the role of consumer protection is important to the Fed as it means it is kept out of the hands of an agency interested in fulfilling it. Putting the Fed in charge of consumer protection is, as it always has been, like appointing Saddam Hussein president of Save the Children.