Since President Trump's executive order claiming new power over historically independent federal agencies this week, Fed watchers have been trying to parse what it means for America's central bank. Some answers can be found in the law that created the Fed,

A directive calling for oversight over the central bank’s regulatory and supervisory responsibilities has set off alarm.

In practice, the order would require Office of Management and Budget Director Russ Vought to approve any major actions by the independent agencies.

Testing the limits of presidential power, Donald Trump this week tightened his grip on U.S. government agencies that for years have taken pride in their independence overseeing such matters as elections,

Other agencies that would be affected by new order include Federal Trade Commission, Securities and Exchange Commission