WASHINGTON — The Biden administration has fast approaching decisions on how to fill top leadership positions at the Federal Reserve, from who takes a Fed board seat that has gone vacant for years, to whether Chair Jerome Powell gets reappointed.
There are seven seats on the Fed board, six of which are currently occupied. Among the current members of the board, all but one — Gov. Lael Brainard — were appointed by former President Donald Trump.
The White House has yet to make any personnel announcements for the central bank. The most immediate decision is who the administration will nominate to the open board seat. The Trump administration floated several names for the position — most recently Judy Shelton — none of whom were able to get approved by Congress.
Meanwhile, the term of Vice Chair of Supervision Randal Quarles will end in October, and President Biden is not expected to reappoint him. Another vice chair, Richard Clarida, has until January. Powell's term as chair ends in February. (Quarles can stay on the Fed board as a governor until 2032.)
Many expect Biden will either renominate Powell as Fed chair and name Brainard as one of the vice chairs, or nominate Brainard to head the central bank while choosing outsiders for the vice chair roles.
There is also always the chance that Biden could name outsiders to all of the top positions. There is no shortage of possible contenders, including officials who formerly served on the Fed board during past administrations.
Biden is facing particular pressure from some corners of Washington to appoint a person of color to the Fed. In the history of the central bank, only three Fed governors have been Black and none of them were women.
Here are candidates to take on key leadership roles as Biden seeks to reshape the Fed or maintain the status quo: