The Fed needs more administrators

The writer is an FT contributing editor

On Tuesday Lael Brainard started her new job as the top economic adviser to Joe Biden. This leaves open her old position as vice-chair of the board of governors at the Federal Reserve.

Governors get to vote at every meeting of the Fed’s monetary policy committee, and so Brainard’s replacement will go through the standard political fight for every Fed nominee. Some Democrats will want a quiet,…