You're wrong at just about every point. The Fed is autonomous but still part of the government. Congress can revoke this if they really wanted to, but they won'

You're wrong at just about every point. The Fed is autonomous but still part of the government. Congress can revoke this if they really wanted to, but they won't because even they know that they'll just use it for their political scheming like they do with anything else they can get their grubby hands on. Jerome Powell made most of his money in private equity, and he could have stayed there he wanted more. Now, his compensation is less than that of a first year associate at Goldman Sachs. Before you bring it up, no, a few million dollars in speaker fees doesn't make up for this opportunity cost for a banker at that caliber.