The Fed and gov are not supposed to check each other per se. The Constitution and the Tenth Amendment outline exactly what the Federal government and State governments have control over. In terms of who has influence over the Federal government, it was supposed to be in Congress a mix between the people (House) and the State Governments (Senate). So originally the States had a back up check against the Federal government in case it decided to just go against the Constitution, but now you see that the State governments have no say in the Federal government and the Fed is bigger then ever. It is hard for a state to assume the Fed responsibilities of providing an army to protect the nation and such but it is easy for the Fed to take over state responsibilities.
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