A new intelligence agency is being set up to oversee spying and (from my reading of BBC and FOX articles) basically be the coordinating body for all human (non-satellite/etc) spies.
Wasn’t this the general principle behind setting up the Department of Homeland Security? To have a general umbrella organization coordinating this stuff?
No.
The Department of Homeland Security was meant to consolidate and coordinate the domestic terrorism prevention and response agencies (e.g. the Border Patrol, Coast Guard, FEMA, etc). Overseas intelligence collection is the responsibility of the Intelligence Community, which was reorganized last year with the creation of the Director of National Intelligence to oversee the 15 or so composite agencies (CIA, NSA, NRO, DIA, the service intelligence agencies and a host of others).