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Powell Has Broad Support Among Top Biden Aides for New Fed Term

  • No decision on reappointment or replacement imminent
  • Jay Powell’s term as Fed chair expires in February 2022
WATCH: Federal Reserve Chair Jerome Powell has broad support for his renomination among top White House advisers. Bloomberg’s Kathleen Hays reports.

Federal Reserve Chair Jerome Powell enjoys broad support for his renomination among top White House advisers, though the decision is expected later this year and hasn’t yet been put in front of President Joe Biden, according to people familiar with the matter.

But Biden officials are keeping an open mind about how the administration can put its stamp on the central bank through personnel choices, including the chair, the people said. In addition to Powell, Randal Quarles’s term as vice chair for supervision -- an important regulatory post -- will expire in October, and the board term for Governor Richard Clarida expires in January.