icy. In fact, what we should be doing is moving in the other direction. We should be limiting the politicians' role in the economy as they are the ones that allowed banks, investment firms and insurance companies to merge. They are the ones that regulated Fannie Mae and Freddie Mac. And, more importantly, they are the ones that are lobbied heavily by every special interest group and have to run for election using those groups' contributions.
Should the Fed's power be reduced? No, just the opposite.
For further reading, check out The Treasury And The Federal Reserve.