Not for consumers and non-bank businesses it isn't. You don't have an account at the fed. You have an account at plain old commercial bank. Someone at the plain old commercial bank can freeze your money, right now. You'll have to sue, go to court, win, just to get access to your money.
If the fed becomes the place you have an account, they can do what the commercial bank currently can do.
The difference is incentives - why do it? Commercial banks have no incentive, and in fact have the incentive to push back when asked.
As for the president - sure - generally speaking the fed is independent. But they have significant regulatory and supervisory roles all by themselves, and are part of the administration of the government even if they aren't "part of the administration" as the term is usually used in the US.
