The White House has reportedly begun interviews with possible candidates to fill the empty seats on the board of governors of the Federal Reserve System in 2022.

According to a Wednesday report from Bloomberg citing people familiar with the affair, U.S. President Joe Biden is considering qualified candidates including Federal Reserve Bank of Atlanta President Raphael Bostic, onetime Consumer Financial Protection Agency director Richard Cordray and Duke Academy constabulary professor Sarah Bloom Raskin to take over positions from Fed board members leaving in early 2022. Others under consideration reportedly include a former Treasury Section official under President Barack Obama, Karen Dynan, besides every bit Valerie Wilson, director of the Plan on Race, Ethnicity, and the Economy at the Economic Policy Institute.

The U.South. president has already announced he plans to nominate Jerome Powell for a second iv-twelvemonth term as Fed chair starting in February, with governor Lael Brainard picked to serve as vice-chair after the departure of Richard Clarida. Powell and Brainard assumed positions at the Fed'due south board of governors in 2022 and 2022, respectively. Biden announced in November he planned to nominate replacements with a focus on "improving the diversity in the Board'southward composition."

There is currently one vacancy in the group of vii governors serving at the Federal Reserve, but Randal Quarles resigned his position constructive as of the end of December, while Clarida is expected to leave in Jan 2022. If nominated past Biden, Bostic, Cordray and Raskin would demand to be confirmed past the Senate and would likely serve 14-year terms.

Related: Crypto volatility is non a 'systemic concern' for the Fed, say local presidents

A significant modify in the makeup of one of the height financial regulators in the United States could accept an impact on how the government looks at cryptocurrencies. During his time with the Fed, Powell has weighed in on the possible rollout of a digital dollar while Quarles said that federal agencies needed to consider the correct regulatory approach earlier creating a framework to oversee the crypto market place.