You've misused "checks and balances" a bit there, which generally refers to the rock-paper-scissors way in which the three branches of government (executive, legislative, judicial) are prevented from amassing too much power. As the FAA is in the executive branch and the president is directly in charge, it's not really a "check and balance" in that sense.
Checks and balances is a more general term than something describing the 3 branch system. A classic example within one branch is requiring both the senate and house to pass a bill.
To the extent that you think the FAA is actually serving as an extension of the will of the president you're right that I misused it, but I don't think that describes reality.
