Biden Prepares to Make His Mark on the Fed

Joe Biden will soon get a chance to shape the Federal Reserve into an instrument better able to deliver on his vision of a more inclusive American capitalism. The seven-member Fed board will soon have four vacancies, including the chair occupied by Jerome “Jay” Powell, who is said to have broad support among Biden aides but is not assured of a second term. A decision isn’t expected before September at the earliest.

There’s a lot that Democrats want from these appointments, from tougher regulation on banks to more attention to climate change. What matters most to the president’s goals of spreading the economy’s benefits more widely, however, is ensuring a vigorous recovery. Black people and other minorities were late to reap the fruits of the record-long expansion that followed the last crisis, in terms of employment and wage gains. Biden and his economic advisers want to make sure they’re not left behind once again.