There always has been sentiment against the Federal Reserve. The idea of a quasi-government agency, the head of which is appointed by the president, independent of congressional influence, has been suspect.
Congress in the past, especially when dominated by the Democrat party, has never been happy with the Fed.
The role of the twelve regional Fed banks has also been questioned. They are overseen by private-sector boards of directors, composed mainly of commercial bankers. That never pleases the Left.
The proposed financial regulation law has, in effect. tilted the influence on the Fed in many ways, giving the executive branch of government much more power that it ever had.
I will comment on how it does in the future.
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