We Must End The New Normal Of Fed Board Vacancies

We Must End The New Normal Of Fed Board Vacancies by American Banker

Recent headlines have dealt with all of the political complexity and legal uncertainty around filling Antonin Scalia’s Supreme Court vacancy. Yet historically, vacancies on the high court do not last very long. By contrast, appointing governors to fill open seats on the Federal Reserve Board has long been subject to extended delays, leaving the central bank chronically shorthanded.

Both the Supreme Court and Fed hold tremendous power in our government as nonpartisan, independent institutions populated by members with lengthy and expansive mandates affecting the lives of every American. But in marked difference to the political back-and-forth in the press over replacing Scalia, vacancies on the Fed...