Jerome Powell, chairman of the U.S. Federal Reserve, speaks while Lael Brainard, governor of the U.S. Federal Reserve, left, listens during a Fed Listens event on "Perspectives on Maximum Employment and Price Stability" at the Federal Reserve in Washington, D.C., U.S., on Friday, Oct. 4, 2019. Powell said that the U.S. economy is in a good place though it faces some risks. Powell maintains broad support inside the White House and from Treasury Secretary Janet Yellen, to remain as chair. Still, Biden has previously made the less obvious choice for key economic posts. In November 2020, he chose Yellen to be his Treasury chief, despite having seriously considered Brainard, surprising even some on his transition team.
A Fed spokesperson declined to comment.
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Brainard has staked out a different approach toward financial regulation and the adoption of a central bank digital currency.
Brainard would be the Fed’s second vice chair for supervision if she gets the position, which was created by Congress in the wake of the financial crisis.
The job was envisioned as a way to bolster the Fed’s oversight of Wall Street, but Quarles has angered Democratic lawmakers by tilting away from tough post-crisis reforms. His stint as a vice chairman expires in October.
Biden has four upcoming openings on the Fed. A White House official said that the president is consulting with his economic team in a “careful and thoughtful process” to appoint a Fed chair. The official also said he would pick someone he believes to be effective in implementing monetary policy.
| Fed Board Slots | Notes |
|---|---|
| Jerome Powell | Chairmanship due in February |
| Richard Clarida | Board membership expires in January |
| Randal Quarles | Vice chairmanship expires Oct. 13; governorship due 2032 |
| Lael Brainard | Obama appointee; term up in 2026 |
| Michelle Bowman | Trump appointee; term up in 2034 |
| Christopher Waller | Took office in December; term up in 2030 |
| Vacant |