Editorial Board

Donald Trump's Fed

If the president minds history's verdict, he'll fill the rush of vacancies with care.

September 7, 2017 at 2:00 PM UTC

By The Editorial Board

The Editorial Board publishes the views of the editors across a range of national and global affairs.

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Photographer: T.J. Kirkpatrick/Bloomberg

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Even more than before, President Donald Trump now has the chance to entirely reshape the Federal Reserve. Janet Yellen's term as chair ends early next year, and her deputy, Stanley Fischer, has just resigned, citing personal reasons. Soon Trump will be able to appoint a new person to the top job and three other positions on the seven-member board -- not counting the one he's already given to Randy Quarles.

Fischer's departure, coming months earlier than expected, is a serious loss. His combination of intellect, experience and collegiality is virtually irreplaceable.