The Fed is a central bank, it has power because Congress names only one currency as tax useable. But, at equilibrium, the Fed's power only extends to those who pay taxes, it is demand limited because of the tax structure.
If I run a network, I am consolidating tax costs, requiting internal transactions to avoid taxes. It is a spiral, the Fed has to resort to seigniorage taxes. Congress, itself, skews the tax network such that the demand for dollar to pay taxes is quite irregular across the economy, and the lesser wealthy folks on the street hit with such high transaction costs, they end up on alternative food stamp, housing vouchers, black market dollar. They are, in essence, priced out of banking due to monopsony costs distorted by Congress.
Our central bank, at the moment, is bailing out the payers of taxes, which is not the average cash user. This is a structural point that AOC and the Failed Staters cannot understand, or would like to deny. I think we can prove this all revolves back to the inefficiency of House/Senate relations, it is the long term problem of the USA coming back,like that rare virus, to bite us in the butt.. The Civil War type problem, absent the mass violence.
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