Agree 1000%.
The Fed hasn’t been independent since it was the Martin Fed, before many of us were even born. William McChesney Martin had no problem telling the DC crowd to ‘stick it’.
Right now, the Fed Chairman unofficially answers to the Treasury. The Treasury answers directly to the President.
RE: Right now, the Fed Chairman unofficially answers to the Treasury.
I don’t think so.
Jerome Powell does not answer to Steve Mnuchin.
The U.S. Treasury controls the printing of money in the United States. However, the Federal Reserve Bank has control of the money supply through its power to create credit with interest rates and reserve requirements. Since credit is the largest component of the money supply by far, colloquially people talk about the Federal Reserve increasing the money supply as printing money.
So, it can even be said that the Treasury DEPENDS on the Fed before it can print.