The concept of central bank independence becomes invalid once one acknowledges that the rate set for reserve lending to member banks also becomes the rate paid on Treasury instruments by Congress via the non-discretionary budget.

While the authority may be franchised to the Fed by Congress it is not inherent in our Constitutional framework and therefore can be revised or withdrawn. If the voters understood this, and the fact that higher rates make everything more expensive while also causing involuntary unemployment and increasing wealth disparity Congress might find it tougher to dodge responsibility for both the problem and the proposed fix, both of which victimize consumers.