All last week the scuttlebutt in the media and in Washington was that President Biden was leaning toward appointing progressive favorite Lael Brainard to replace the “dangerous” (in Lizzie Warren’s words) Jerome Powell as chair of the Federal Reserve, because Brainard pledged to make the Fed a full partner in pushing the climate and “anti-racist” agenda by pressuring financial institutions not to make loans to any fossil fuel companies. Never mind that the legal authority for this kind of thumb-on-the-scale of capital allocation cannot be found in any statute governing the Fed, but who needs statutory authority when you have...