House majority leader wants new Fed chief

House majority leader Jim Wright wants a new head of the Federal Reserve, Monitor correspondent Godfrey Sperling Jr. writes. He is looking for ''someone who would respond to the real needs of the economy.''

''If I were President,'' Mr. Wright told a group of reporters over breakfast June 8, ''I would ask for (Paul) Volcker's resignation.''

Mr. Wright says that the decisions of the President and Congress are nullified by one man who wasn't elected. Interest rates are hurting the economy, says Mr. Wright, who feels that a Federal Reserve chief should see to it that US fiscal and monetary programs work in tandem.