Congress has committed a grievous sin of omission by not sitting Paul Fritts down for an exit interview before he left town after 34 years at the Federal Deposit Insurance Corp.

Mr. Fritts, who was the FDIC's director of bank supervision, seemed as happy as a cow in a cornfield to be moving back to his native Illinois, and it's cruel for me to suggest bringing him back so quickly. But the regulator has very serious concerns about the direction of his agency, and they deserve airing.

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