Indeed. The Fed is supposed to be politically neutral so for them to be supporting one party's major bill is a clear violation of that. And I fully believe they didn't raise rates earlier for political reasons.
The Fed will never let asset prices fall in general, because it benefits all politicians and most voters to keep them rising. Voters want to see their 401k and IRAs going up, as long as their expenses go up slower.
The thing is all of those assets are generally only owned by the top 5% (mostly top 1%) of the wealthy, so in reality, the Fed only serves the interests of the wealthy and everyone else gets screwed.
The Fed is supposed to be politically neutral, that is, not acting to help one party or the other. But that does not mean that the Fed has no opinion on the effects of big fiscal decisions. It is perfectly within the remit of the Fed for them to suggest that a large amount of Federal spending would currently be a good idea, and that it could usefully be applied to some end.
