By refusing to confirm new governors, Congress is putting the world's most important central bank at risk

The Economist reports:

the Fed's standing is in a potentially parlous state, thanks to political brinkmanship by the Democrat-controlled Senate.

For more than a year, two seats on the Fed's seven-member board of governors have been empty, because the Senate has been unwilling to confirm George Bush's nominees to the job. It has also refused a new term for the Bush-appointed Randall Kroszner, who is hanging on in limbo. On May 28th Rick Mishkin, another governor, said he would depart in August. If the Senate continues to delay, the Fed's board will have only four members—fewer than at any time since at least the 1930s.