One Less Globalization Cheerleader on the Federal Reserve Board

Federal Reserve Gov. Frederic Mishkin said Wednesday that he would resign from the central bank at the end of August to return to his Columbia University teaching post.

With Mishkin’s departure, the seven-member Fed board of governors could be pared down to four. The Democratic-controlled Senate for nearly a year has refused to vote on President Bush’s nominees to fill several open Fed slots. If the Senate delay continues, whoever is elected president in November will have a chance to quickly shape the policymaking arm of the central bank through new appointments.

The Senate is right to hold off on approving any more of Bush’s globalization cheerleaders. We need Fed governors who are willing to take the administration to task (whether it’s the Bush administration or the coming Obama administration) for continuing unsustainable trade deficits and federal budget deficits. It’s time for a return to common sense management of this nation’s finances.

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