Till now, the US FED decisions are taken within the four walls of the US FED office and it is just communicated to the entire world. The US congress once in a year or so tries to pull out some data from the US FED officials through formal grilling, but that rarely produces any result.
Now the US government seems to be interested in bringing the US FED monetary policy decisions under the US house monitoring. The government is now moving a proposal for auditing of the US FED decisions by an authorized US house panel. That would curtail the powers of the US FED substantially. This comes on top of the decision by the US government earlier to take away the interest policy decision making from US FED.