This structural change is often viewed as allowing the culture of independence to flourish at the Fed. The legislation was also a battle between the Administration and the Congress. The Administration wanted to shift the power over monetary policy toward the centralised and presidentially appointed Federal Reserve Board governors, a group they had a better opportunity to influence through the appointment process.
The Congress partly resisted and diluted the control of the Administration by allowing a role for the Reserve Bank presidents on the FOMC. During both World Wars, Treasury wanted to issue securities at low interest rates to ease the burden of financing and the Fed went along because it felt bound to facilitate wartime financing.