Welcome to POLITICO’s West Wing Playbook, your guide to the people and power centers in the Biden administration. With Allie Bice. Send tips | Subscribe here | Email Alex | Email Tina Federal Reserve Chairman JEROME POWELL’s nine month-long job audition is finally nearing its end. And there are plenty of indications that President JOE BIDEN is going to give him another go-around in the high-stakes job atop the country’s central banking system. The markets widely expect Powell to get the nod, and see Biden tapping Fed Governor LAEL BRAINARD — a top Treasury official during the first Obama administration — to be the Fed’s vice chair for supervision and regulation, overseeing big Wall Street firms. While the Fed chairmanship is always consequential, right now it’s among one of the most important decisions Biden will have to make heading into a midterm election year, as fears of persistently higher inflation on everything from meat to gasoline threatens to overshadow progress on his economic agenda. Biden last week said he intended to announce his nominees to the Federal Reserve board — another vacancy opened up today with Vice Chair RANDALL QUARLES’ announcement that he is resigning — “fairly quickly,” but he wouldn’t say whether he planned to replace Powell. Powell’s seat is up in February, but there are whispers the announcement is coming soon. Two sources with knowledge of the process said they expect a decision to be made by Thanksgiving at the latest. Fed officials will be in their so-called blackout period — in which officials refrain from making any public remarks or appearances — from Dec. 4 through their next policy meeting on Dec. 14-15. An announcement would likely need to come before then to leave enough time for the Senate to consider the nomination before Powell’s current term expires in February. Given the market jitters that can accompany such a nomination, previous administrations have forecast a potential successor at the central bank well in advance. This White House, however, has dragged out the “will he, won’t he” anticipation surrounding Powell, a Trump nominee, while remaining largely mum on it’s timeline and leanings, both in public and private. Treasury Secretary JANET YELLEN , the former Fed chairwoman whom Powell replaced in 2018, said she has discussed the decision with Biden and recommended that he pick someone “with experience and credibility.” She also gave a hint at how she viewed a re-nomination, adding: “I think that Chair Powell has certainly done a good job.” A Democratic consultant with close ties to the administration, meanwhile, seemed dubious that Brainard, who was also mentioned as a possible pick to lead the Treasury Department under Biden, would get the nod. “Seems like the only push is coming from Lael herself,” the consultant said, although some progressive groups have also advocated for Brainard to replace Powell. They say Brainard would reinforce Biden’s commitments on climate change and racial equity, and has a long track record of pushing the central bank to keep interest rates lower for longer to help draw more people into the labor market. “A weak Federal Reserve chair on financial, regulatory and monopoly issues could really undermine the progress he is otherwise making, which will limit his ability to fulfill promises to key aspects of his coalition, which has both political implications, as well as legacy implications,” said Jeff Hauser, director of the Revolving Door Project. Hauser said the minute Powell doesn’t need Democratic approval in the Senate, “he no longer needs anything from the Democratic party.” “I don’t know why we should take seriously the commitments that Powell has made when he is awaiting appointment from Joe Biden,” Hauser said. Powell has steered the central bank through a tumultuous period for the U.S. economy, as the global pandemic roiled financial markets and plunged the U.S. into a recession last year — all while dealing with a president, DONALD TRUMP, that directed unprecedented attention and criticism his way. While Powell has cultivated relationships with lawmakers and enjoys broad bipartisan support in the Senate — he was confirmed last time by an 84-13 vote — Biden would face some progressive blowback should he choose to keep a registered Republican chairman. On the flip side, having a Republican Fed chair in place might not be the worst thing for Biden as he traverses an economic landscape with inflation concerns continuing to simmer and — like Trump — may be looking for a convenient scapegoat. INTRODUCING ‘POTUS PUZZLER’— Regular readers of this newsletter know we try to keep our trivia questions fun, really difficult, and a little nerdy. Starting today, we are partnering with the Miller Center of Public Affairs, a nonpartisan research center and preeminent authority on the American presidency based at the University of Virginia, to help us test your White House know-how. Our first question is below. BUT, BUT, BUT: We have been pleasantly surprised by the stupendous reader-submitted trivia we’ve received, so we are going to keep featuring a POTUS Puzzler from a reader every Wednesday. Keep sending us your toughest, most fun presidential questions. And thanks for reading. Do you work in the Biden administration? Are you in touch with the White House? Are you legislative assistant ANGELA HERVIG? We want to hear from you — and we’ll keep you anonymous: westwingtips@politico.com. Or if you want to stay really anonymous send us a tip through SecureDrop, Signal, Telegram, or Whatsapp here. Or you can text/Signal Alex at 8183240098. | 
