... from the beauracracy where they are concerned about the fed system collapsing and are looking to setup a replacement ...
Aah yes. To solve a problem: form a subcommittee with eight people, and let them have meetings for a year at the taxpayer's expense.
If the Fed system did collapse (and I don't think it will; it will just languish), it wouldn't be saved by a subcommittee (whose recommendations would probably include setting up further subcommittees).