Larry Lindsey has proven himself a compassionate conservative economist. It happened by accident, as he cheerfully admits. As a new Fed governor back in 1991, Mr. Lindsey says he was volunteered for the job of heading up the Fed's Consumer and Community Affairs division. By way of background, the Community Reinvestment Act is a favorite tool of the Clinton administration. It encourages banks to lend to poor communities.
Some conservatives say it allows activists to pressure banks into making sweetheart loans.
Minority groups say it's the only way to address persistent racism. Governor Lindsey was thrust into the middle of a tough fight. Many thought a conservative might not take his new responsibilities seriously, but Mr. Lindsey quickly proved them wrong. He threw himself into the job with an open mind. He took the time to learn the issues.