I’ve written about the relatively new problem of chronic Fed vacancies before (see here), but we’re setting new records. With the just-announced resignation of Vice Chair Stanley Fischer 18 months before his leadership term expired, we face another potential milestone: the first time in the Fed’s history that we have only three sitting Governors.

I’ll have more to say on this in the coming days, but I fear in the midst of the towering legislative agenda in September and October–obviously made more complicated by the rescission of DACA–that we will carom toward a governance crisis at the Fed, something that no one should want.