This is obviously alarming, and if used to disregard the Judiciary's interpretation of law, unconstitutional. But I'm puzzled by the exemption of the Federal Reserve and FOMC. He's previously beefed with them, and would presumably find the additional leverage useful. Why explicitly exclude them?
The way the US political system works is that the legislative passes laws, the executive enforces laws, and the judicial interprets laws and ensures the constitutionality/legality of it all. This is relevant because in this scenario each body plays a critical role, but they 'beat' each other in different ways, almost like a game of rock, paper, scissors. The executive beats the legislative by vetoing laws, the judici…
Which is important considering that Chevron doesn't exist anymore, where the judiciary found itself out of their water, so to speak, about how to implement the law (note I say implement here, meaning that what the law says, the org does, but the details or ambiguous terms are up to the org). So, this actually re-implements Chevron in a forceful way, because it says that the judiciary, which tasked again with overseeing how laws are implemented by the executive whenever they are ambiguous.