Fed Chair Powell Enjoys Support For Reappointment, but He’s Not a Lock

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Jerome Powell is favored to keep his job as chairman of the Federal Reserve—but there is competition if President Biden wants a change

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President Biden’s selection of the next Federal Reserve chair is likely to be a choice between keeping the current chief, who enjoys broad support in markets and among lawmakers from both parties, or replacing him with one of his well-regarded colleagues.

Chairman Jerome Powell, whose term expires in February, is viewed by some inside and many outside the administration as the front-runner for the job. But if Mr. Biden decides he would prefer his own pick, rather than the Republican chosen by President Trump, Fed governor Lael Brainard is the most likely candidate to succeed him.

“The president will engage with his senior economic team in a careful and thoughtful process to appoint a Federal Reserve chair in a timely manner,” a White House official said. The White House declined to comment on specific names that may be under consideration both for Fed chair and other vacancies on the seven-member board of governors. “The president will appoint the candidates who he thinks will be the most effective in managing monetary policy,” the White House official said.

Administration officials said Mr. Biden will consult with his top economic advisers, including Treasury Secretary Janet Yellen, Council of Economic Advisers Chair Cecilia Rouse and National Economic Council Director Brian Deese, to discuss the coming pick. White House chief of staff Ron Klain is likely to play a leading role overseeing the search.

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For whom this bell tolls. Americans, the Economy, the Government, its own Exuberance or the Banks.

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