[throwaway920102]

I hate Trump but Treasury control over central banks and interest rates is not a particularly revolutionary thing. Independent central bank is a relatively new invention and a non-independently controlled central reserve bank did not always lead to immediate implosion in all cases. The concept of independent central bank only became popularized in the 1920s. The world existed before that.

The dire thing here is that Trump himself is a maniac, so him taking control is very scary, but a non-independent central bank itself is not as big a calamity as 1000 other problems we're facing in society.

History: https://en.wikipedia.org/wiki/Central_bank_independence

You can find many criticisms of the job performance of many of the past chairs of the US fed, the Fed is not infallible. The current Everything Bubble / Too Big to Fail situation we are in is largely of their creation.