The Fed’s Board of Governors is shrinking. There are supposed to be seven governors, but right now, there are just four, with three nominees awaiting Senate confirmation. And another vacancy is looming in May.

“We’ve never had a situation like we’re in now,” says Peter Conti-Brown, a fellow at Stanford law school who’s writing a history of the Fed. He says it’s rare to have so many vacancies on the board of governors.