A Bank of the United States was proposed in 1791 by Alexander Hamilton fulfilling many roles the Federal Reserve now fills.
The purpose of the Bank of the United States would be to re-start the banking system. We could capitalize it with the current TARP funds and then start making loans. All kinds of loans, the kinds of credit facilities good businesses need to keep operating, to make payroll, buy inventory, all that.
A Bank of the United States would do a much better job protecting bailout money than the sharpies, shysters, and crooks who are still running Wall Street.