This is a great topic, why do we have to take 2 exams to get certified? Doctors, pharm, nurses, attorneys etc. only take one exam after graduation. I feel if you pass the FE and can work a job for the 4 year intern a thesis or a report of what you do yearly should fulfill the PE certification. Why test on items that do not reflect what we do on a daily basis. If you can't do the job, you will not be working! It is all a scam to make money!
I have to say I very much disagree. The FE tests competence in your degree, and sets a baseline of knowledge for the engineering profession. It does not test job knowledge at all. While some parts of the PE exam are certainly not used by everyone who takes it (though those parts will be different for everyone), a good portion of what was tested on the EE-Power is relevant to my daily job. Remember that PE certification is not a license to say you are a competent design engineer. It is a licensing process that ultimately allows people to legally sign and seal drawings that will be used for public construction. And, well, I think it very important that you have a job-specific exam before that happens.
As to the "if you can't do the job, you won't be working." Well, that's not really the case. A lot of engineers, even in the consulting world where a PE stamp is required to have anything built, are extremely specialized. While at my company, which is a small firm, we tend to do full building design, and most everyone on staff has some experience with power, lighting, fire alarm, telecom, etc, there are many firms, especially larger firms, where an engineer will do one thing, and one thing only. They might do lighting design for hospital operating rooms, and that's it. While they're great at that job, it certainly isn't good enough experience to be able to sign full electrical power plans for the whole hospital. While the ethics and requirements of the PE state that you should only ever seal drawings that you are capable of proper oversight and quality control, this is the real world, and we need to make sure, as a public safety, that those who obtain a PE license are competent in their field, over a broad range of topics in their field.