Ever since its founding in 1913, the Fed has described itself as an independent agency operated by selfless public servants striving to fine-tune the economy through monetary policy. In reality, however, a non- political governmental institution is as likely as a barking cat. Yet, the myth of an independent Fed persists. One reason this myth …Ever since its founding in 1913, the Fed has described itself as an independent agency operated by selfless public servants striving to fine-tune the economy through monetary policy. In reality, however, a non- political governmental institution is as likely as a barking cat. Yet, the myth of an independent Fed persists. One reason this myth …