The Fed is an outsourced creation of Congress whose officials are appointed by presidents and confirmed by Congress. Of course it’s political. It can only be political.

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell is gaining some key backing on Capitol Hill from GOP senators who fear the repercussions if President Donald Trump follows through with threats to try and remove the politically independent central banker.

Some of the biggest names on Wall Street are getting louder about the importance of an independent Federal Reserve as the White House pressure on Jerome Powell intensifies.

U.S. President Donald Trump said Wednesday he is not planning to fire Federal Reserve Chair Jerome Powell even as he unleashed a fresh round of criticism against the central bank chief for not lowering interest rates and declined to completely reject the possibility of ousting him.

As a result, the long standing abhorrence to a central bank, advocated as early as Thomas Jefferson’s administration and by much of rural America was overcome. At the request of President Woodrow Wilson,