President Joe Biden said Tuesday he intends to announce his nominees to the Federal Reserve board “fairly quickly” but declined to say whether he will replace Fed Chair Jerome Powell.
Biden told reporters in Glasgow that he’d given a lot of thought to the decision, and dismissed suggestions that his administration has been slow to pick officials to run the central bank.
“I’ve been meeting with my economic advisers on what the best choices are,” he said. “We’ve got a lot of good choices, but I’m not going to speculate now.”
Biden must soon decide whether to renominate Powell, a Republican Trump appointee whose term as chair expires in early February, or replace him with someone else. The White House has been tight-lipped about potential successors, though left-leaning activists and lawmakers have urged Biden to install a known and tested Democrat, Fed Governor Lael Brainard, atop the world’s most important economic institution.
Biden said the White House would have plenty of time to make sure all major nominees are able to be confirmed by the Senate before the terms of current Fed officials expire.