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The Editors

Biden Faces a Crucial Choice on Financial Reform

In appointing a new head of bank supervision at the Federal Reserve, the president should signal a commitment to strength and simplicity.

Personnel is policy.

Personnel is policy.

Photographer: Zach Gibson/Bloomberg

Federal Reserve Chairman Jerome Powell has done an excellent job managing the U.S. economy through both the vagaries of the Trump administration and the ongoing coronavirus pandemic. Yet the Fed under his leadership has fallen short in one crucial area: ensuring the long-term health and resilience of the country’s financial system.

President Joe Biden has an opportunity to remedy this shortcoming. He should use it.