Jonathan Fiechter represents the best in career civil servants. He has served ably for nearly 25 years at the Treasury, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision. He announced recently that he will be leaving his post as acting director of the OTS, a position he has held since 1992, to join the World Bank.

It's hard to imagine anyone who could have run OTS more effectively during what has been an extremely difficult period for the agency. When Mr. Fiechter took over the acting director's job, the thrift industry was on the ropes. The OTS' reputation appeared tarnished irreparably, and morale was abysmal.

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