Heyy so there were a few things in play that led to the “fed is now under the treasury” mantra: 1) a couple Trump EO’s which gave the treasury oversight into Fed policy (eg EO13772), 2) resurrecting a long unused clause in the federal reserve act that gives the treasury the ability to direct the fed’s actions if the fed is ever found to not be doing its job (Section 10(6)), and 3) the CARES Act which gave the Treasury control over how the fed would conduct its business.