New Delhi, Feb. 15 -- Now that US President Donald Trump has chosen Kevin Warsh as his appointee to succeed Jerome Powell as Federal Reserve chair, it is time to take Warsh's ideas seriously, if not literally.

Much of the discussion about Warsh has focused on his interest-rate recommendations, which have swung with the political wind. But this is to make a mountain out of a molehill. The Fed's interest-rate policy is decided by a committee, where the chair is only one voice among many.

The chair's voice is the loudest, but that is no guarantee. G. William Miller was outvoted in 1979 when he opposed an increase in the Fed's discount rate. Miller was outvoted by the Federal Reserve Board, not the Federal Open Market Committee (FOMC), sinc...