There is an interesting article on the BBC site this morning about the Fed. The thumbnail sketch (link below) is as follows:

Although the Fed is supposed to be independent of the government, the head is appointed by the president. So ...

Mr Nixon made no secret of his belief that Mr Burns should follow his directives, even though the head of the Fed is supposed to be free of political influence.

"I respect his independence," said US President Richard Nixon. "However, I hope that independently he will conclude that my views are the ones that should be followed."
The situation was that the US economy was on the brink of an inflation run because of the post war economic boom getting overheated. But the cure was higher interest rates that would potentially harm his re-election chances. His "wishes" prevailed and though he was reelected, the strategy caused the following bust.

At the president's behest, Mr Burns cut interest rates just when they should have been increased, leading to a US economic boom ahead of the 1972 election.

While it helped get Mr Nixon re-elected, that boom then transformed into a toxic combination of stagnant economic growth and rampant inflation - also known as "stagflation" - that took decades to bring under control. (Mr Burns also served under presidents Ford and Carter until he stepped down from the Fed in 1978.)
Fast forward to today. All the W. Bush and Obama stimulus, a growing US economy, a growing world economy are all doing the same things. And very much against tradition, the Republican President is replacing the Fed chairperson.

"You'd like to make your own mark," Mr Trump said in November, response to a question about why he did not intend to re-appoint Ms Yellen.
The reporter then asks questions like, why did the Republican President appoint a banker rather than an economist, the usual choice for that position?

Does the fact that the Republican President has large amounts of outstanding loans mean he very much wants to squelch the interest rate increases that most knowledgeable people know are needed to prevent another big run of inflation?

An interesting read.

The perils of a political Federal Reserve - BBC News