The Federal Reserve's Degree of Independence

The FED is operationally independent from the Government though the US Congress monitors whether the Bank’s activities are consistent with the legislation. However, neither the Government, nor the Congress is to interfere in activities relating to the implementation of State monetary policy by the FED. The independence of the FED is empowered under the Federal Reserve Act approved in 1913.

In other words, if the FED is independent of the govt and the govt cannot interfere in it's operation, it is therefore above the US govt and with higher authority!