WASHINGTON, (Reuters) – Federal Reserve Chair Jerome Powell is set to make his public debut in 2022 as Congress considers him for a second 4-year term. President Joe Biden will weigh his choices for the three remaining Fed Board seats while keeping an eye on diversity.

On Tuesday, the Senate Banking Committee announced that it will review Powell’s request to resign at 10 AM Eastern (1500 GMT) according to its website. On Jan. 13, it will conduct a separate hearing to discuss the nomination of Fed Governor Lael Mindard as vice-chair.

Jen Psaki, spokesperson for the White House, stated that Biden will make diversity a top priority when he selects other Fed leaders. However, she did not specify when an announcement regarding filling additional Fed seats would occur. “I anticipate we will have more soon,” said she.

Biden, according to reports, is considering Sarah Bloom Raskin (former Fed Governor) as his vice chair of supervision. Two Black economists – Lisa Cook at Michigan State University and Philip Jefferson at Davidson College – will complete the Board’s seven members. These would bring the Fed Board to a greater diversity than it ever has been.

Since the Fed was founded in 1913, there have been only three Black Governors on its Board. There has not even been a Black woman member.

The Fed Board currently has five members, two of whom are women.

Powell’s nomination hearing is his first public appearance since last month, when Powell announced that the Fed would be ending its bond-buying program by March. It also indicated it may raise interest rates at least three times this year.

COVID-19 case numbers have increased to record level, disrupting travel and schools and depressing the supply of labour.

In 2012, President Barack Obama first nominated Powell to the Fed Board. He was then chosen by Donald Trump in 2018 to head the central bank for a term of four years that expires in February 2022.