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 chairwoman of the board. Mr. Biden has one vacancy on the seven-seat board and one more opening to fill, the position of vice chairman for supervision, in the months ahead. Together, these moves give Mr. Biden an opportunity to fill...

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 chairwoman of the board. Mr. Biden has one vacancy on the seven-seat board and one more opening to fill, the position of vice chairman 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:

Jerome Powell

Photo: Photo illustration by Johnny Simon/WSJ, Images: Bloomberg News, Getty Images

Jerome Powell’s first four-year term as Fed chairman expires in February. If he is confirmed by the Senate in time, he would start his second term in February.

Richard Clarida

Photo: Photo illustration by Johnny Simon/WSJ, Images: Bloomberg News, Getty Images

Vice Chairman Richard Clarida is an economist and former Treasury Department official whose term as a governor expires in January.

Randal Quarles

Photo: Photo illustration by Johnny Simon/WSJ, Images: Bloomberg News, Getty Images

Randal Quarles, the chairman of the Financial Stability Board and a lawyer, plans to resign from the Fed board by the end of the year.

Lael Brainard

Photo: Photo illustration by Johnny Simon/WSJ, Images: Bloomberg News, Getty Images

Lael Brainard, an economist whose Fed board term expires in 2026, was nominated to her position by former President Barack Obama.

Michelle Bowman

Photo: Photo illustration by Johnny Simon/WSJ, Images: Bloomberg News, Getty Images

Michelle Bowman is a former bank executive and former Kansas state bank commissioner whose Fed board term expires in 2034.

Christoper Waller

Photo: Photo illustration by Johnny Simon/WSJ, Images: Bloomberg News, Getty Images

Christoper Waller is an economist and former director of research at the St. Louis Fed whose board term expires in 2030.

Vacant Seat

One board seat, with a term that expires in 2024, is open.