The New York Sun favors elevating Kevin McCarthy to Speaker of the House but neither he nor anyone else in the majority has said what we would like to hear. We agree with our Larry Kudlow in the view that Mr. McCarthy would be a good speaker. We’re less confident that the Republican majority in the House is going to address the most important issue before the new Congress — monetary reform.

Our concern is not with the issues on which the GOP congresspersons are wrestling — rules for the caucus and the like. We want to know, say, what rules the Congress is going to insist on for the Federal Reserve as it exercises the monetary powers that under the Constitution are granted to Congress. We realize the House rebels are in an untenable position. Yet what is the answer of the majority to the issues they raise?