President Biden’s decision to nominate Jerome Powell for a second term as Federal Reserve chairman is the first step in a likely remake of the central bank’s Washington-based Board of Governors. The White House said Monday the president would also elevate Fed governor Lael Brainard to become vice chair of the board. Mr. Biden has one vacancy on the seven-seat board and one more opening to fill, the position of vice chair for supervision, in the months ahead. Together, these moves give Mr. Biden an opportunity to fill most of the board positions.

The six board members are:

Chairman Jerome Powell, whose first four-year term as chair expires in February. If confirmed by the Senate in time, he would start his second term in February.

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