It is the division of power within Congress

 The right to coin and the right to tax for Congress.

This is one of the tough issues, does the Fed mandate include the right to tax? In one aspect, the fed is a federal agency, managed, but mostly managed by the senate. Did the senate inherit the right to tax?

Other executive agencies collect fees, but they are approved separately by both chambers. It is one of the fine points, I go back and forth, unsure. The Fed won a case, they did not have to honor due process when accepting accounts. That makes them a federal agency. But the IRS was required to institute due process, we have separate tax courts.  Both the IRS and right to coin authorized on similar basis, but the income tax law approved separately by both chambers.

So, we are stuck a bit and I doubt the Supremes can make heads nor tails of it. But I know the culture around this nation a bit, and the folks have a serious No taxation without representation issue.

What put's me on edge.

If we get an agreement with the senate that the Fed should not collect taxes, then we also create the inflation tax so Treasury can create money under contract.  That part of the New Fed may require House approval. I want to keep this in the senate.  I want the right to coin implemented by senate approval of one or more bank members, as usual. But I want the inflation tax secured by contract.  I am still thinking of keeping this format, it seems a no worse violation then we have now. The New Fed is not coining, it is Due Process S/L banking with known market risk.

The right to coin stands, as is, and includes the right to an inflation tax and remains under control of the executive. But it is enforced by a now exogenous party, the New Fed. Eventually it ends up with the Supremes, I know.

An inflation mechanism

The Treasury can just create extra money when the dollar is high,  and don't otherwise. We give it flexibility. The New Fed suffers equally with any other sector, we are not picking on banks. It i an executive decision subject to review by the senate.  Within the inflation tax contract, the senate has free reign to make restrictions.  Technically, if the senate does not want inflation, they can stop, though the New Fed may actually object.  But the New Fed is realistic, if the inflation tax stops then soon the New Fed becomes the Old Fed once again. So the New Fed wants government to inflation tax, it is better off.  That is the fundamental trade that makes it stable.