Biden Has Room to Reshape the Fed in America's Changing Image

President Joe Biden has an opportunity this fall to reshape the Federal Reserve, potentially ushering in an era in which the U.S. central bank’s governing board will have more women and people of color and those who would put more weight on reducing economic inequality.

The members of the Fed board face the ongoing challenge of repairing the U.S. economy from damage caused by the coronavirus pandemic. They’ll be tasked with deciding when to pull back support for the recovery and when to raise interest rates from the rock-bottom levels that have fueled a housing boom and sent stocks soaring to record highs since last year.