Effectively, yes. Fed is definitely a political entity and its political layer (as opposed to the civil servants/career bureaucrats) is appointed from the same

Effectively, yes. Fed is definitely a political entity and its political layer (as opposed to the civil servants/career bureaucrats) is appointed from the same circles of finance industry/DC insiders as cabinet officials (like Treasury Secretary) are. That said, Yellen never technically held both jobs at the same time. It's another revolving door issue, similar to military procurement officers stepping into defense contractor jobs, or SDNY prosecutors stepping into law practices that focus on defending clients in the same kinds of cases (sometimes exactly the same cases) that they were just prosecuting.