The Fed’s Governance Crisis

by Peter Conti-Brown — Wednesday, Sept. 6, 2017

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.

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About Peter Conti-Brown

Conti-Brown is an assistant professor at The Wharton School of the University of Pennsylvania. A historian and a legal scholar, Conti-Brown focuses on central banking, financial regulation, and public finance.

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