WASHINGTON – President Joe Biden said Tuesday that his administration will announce “fairly quickly” a nominee to chair the Federal Reserve, without specifying if he planned to renominate current chair, Jerome Powell

In February, Powell will be leaving the Federal Reserve after serving a four year term. The Federal Reserve is one of the largest economic institutions worldwide.

When asked by reporters about Powell’s apparent end of tenure, the president replied, “We’ll make those announcements fairly fast,” during a conference that followed the United Nations Climate Change Conference (COP26) in Glasgow.

Biden also stated, “I think we’ll have plenty of time for all the important nominees to clear in time that their terms will expire.”

The president stated that he had given it a lot thought and met with his economic advisors to discuss the best options. We got many good choices but we are not going to speculate right now.

Treasury Secretary Janet YellenCNBC reported that she had spoken with Biden about the position, but did not reveal any details. Yellen was previously in the same role as former Presidents Barack Obama, and Donald Trump.

I talked with him about the candidates, and advised him that he choose someone who was experienced and trustworthy.” Yellen told CNBC’s Ylan Mui. I think Chair Powell did a great job.

In an attempt to preserve the Fed chair, U.S. presidents have maintained it for decades, despite changes in administration and parties. The central bank should be protected from political interference.

Trump disregarded the tradition by nominating Powell and dumping Yellen as chair in 2017.

Powell was an economic steward and led the U.S. towards low unemployment rates for decades. This earned Trump his admiration. Powell was elected a political punching bag for TrumpHowever, it was when the Fed raised the interest rate or the economy got into trouble.

Sen. Republicans like him as do some Democrats. His potential renomination would most likely sweep the Senate by an impressive margin.

Powell was also called upon to rescue the economy from the Covid-19 crisis, which included the collapse of the sanity of many. loss of more than 20 million jobsThe Fed. Fed also works to control inflation caused by supply-chain disruptions or labor shortages overseas.

The current Fed chief has also recently come under criticism following disclosures that he and regional presidentsThese were buying and selling securities tied to the stock and bond markets.

Senator Elizabeth Warren, D.Mass. is on the Senate Banking Committee and one of Powell’s biggest critics. She argues that central banks should have a better record in overseeing banks.

Warren stated to Powell at a September committee hearing that “over and over you have acted in order to make our bank system less secure.” That makes you dangerous to lead the Fed.