The Fed is beholden to bourgeois financial interests and is exclusively headed by former finance ghouls. Sure, Congress makes "the rules" but "the rules" are, "make the economy run good for capitalists, you figure out what that means using your connections".
Arguing that it is technically created by Congress and canbe changed by Congress, is beholden to "oversight", etc, is a theoretical fiction, because, as Stafford Beer correctly said, there is no point in claiming that the purpose of a system is to do what it constantly fails to do. The Fed has operated according to Congress' wishes, which are identical to bourgeois interests, for over a century. It still does so.
Expecting it to ever do something else requires acknowledging the class component and the scale of the opponents to any change, their power over information, media, jobs, and politicians, and how you will realistically take a large chunk of their power and withstand their backlash. The article cites Elizabeth Warren positively. Yes, the Federalisr Society corporate bankruptcy liberal. Imagine thinking politicians like her would be anything other than functionaries of a faction of the bourgeoisie.