According to Volker Wieland Fed reform creates opportunities ("Wirtschaftswoche")

With the upcoming end of Janet Yellen's term as Fed Chair and the resignation of Vice Chairman Stanley Fischer, the Federal Reserve is facing an upheaval. A reform bill, presented by the Republicans, could entail further changes for the Fed. According to Volker Wieland, this legislation could even strengthen the independence of the central bank.

"A rule-oriented approach and more transparency could even help the Fed to fight off political pressure by the President", Wieland said in an interview with the business magazine "Wirtschaftswoche". This would be compatible with the self-perception of the Fed staff. "Among the Fed staff there is a strong esprit de corps and a high awareness of its competence". According to Wieland, the so-called  Fed Oversight Reform and Modernization Act (FORM Act) has a good chance to find a majority in the House of Representatives and the Senate.

Wirtschaftswoche: "Chaostage im Geldtempel" (Paid Content)

see also:
Henrike Michaelis and Volker Wieland: "R-Star and the Yellen rules" (VoxEU)