When President Biden announced he was nominating Jerome H. Powell for another term leading the Federal Reserve, he pledged that the nominations he has yet to make to the central bank “will bring new diversity to the Fed, which is much needed and long overdue, in my view.”

Biden’s remaining decisions will test that commitment. In the coming weeks or months, the administration will nominate three candidates, including a banking overseer and two governors, to complete the Fed’s seven-seat board.

A number of candidates are being reviewed, but the White House’s consideration of a non-diverse candidate for a top leadership post has some Fed watchers on alert. They say that the remaining selections aren’t just about monetary policy or banking regulation but that they also signal the White House’s priorities regarding some of the world’s most powerful economic policymaking roles.

“It takes a real commitment to ensure that at the end of the day, what you have is a committee with broad representation,” said Julia Coronado, a former Fed economist and president of MacroPolicy Perspectives. She added, “It’s just a frustrating lack of recognition that the leadership needs to be more diverse.”

In a news release announcing Powell’s renomination as Fed chief, the White House said Biden intends to make upcoming Fed appointments “beginning in early December, and is committed to improving the diversity in the Board’s composition.” Biden echoed that sentiment in remarks last week.

“My additions will bring new perspectives and new voices,” Biden said. “I also pledge that my additions will bring new diversity to the Fed, which is much needed and long overdue, in my view.”

The current Fed board is exclusively White, and that is hardly a historical anomaly. In its 107-year history, the Fed has had only three Black board members, all men.

Biden’s opportunity to shape the Fed’s makeup comes at a highly consequential time for the central bank. The Fed is charged with keeping prices stable and fostering maximum employment. But inflation has soared to 30-year highs, and global supply chain backlogs are pushing prices up for much longer than the Fed initially expected. As Fed leaders grapple with how to respond, they must weigh whether to use their tools to combat inflation if that also means slowing progress in the job market.

The pandemic has also exacerbated a host of U.S. inequities. The job market is just one example: The overall unemployment rate is improving and fell to 4.6 percent in October. But that figure was 7.9 percent for Black Americans and 5.9 percent for Hispanic Americans. The rate for Whites was 4 percent.

Such racial and economic disparities are long-standing and for years have spurred economists, academics and liberal groups to call for more diversity at the Fed board. The criticism predates the Biden administration or this crop of Fed openings.

Still, Biden has staked much of his economic agenda on racial equity, and his legacy will be influenced by whether the Fed gets its policies right. The administration is facing low approval ratings, with polling showing rising prices are a key concern for households nationwide. Republicans blast Democrats’ stimulus efforts as contributing to inflation and say the Fed will be behind the curve once it decides to rein prices in.

The Fed closely guards its independence from politics. But it can never fully escape Washington’s orbit. Biden’s picks for the Fed ultimately shape who is in the room when policymakers decide how to navigate this next phase of the covid-19 era.

The Fed’s makeup is slowly coming into view: Biden has so far renominated Powell and elevated Lael Brainard, the Fed board’s lone Democrat, to vice chair. There are also two governors — Michelle Bowman and Christopher Waller — who were nominated by President Donald Trump and still have time on their terms. Powell, Brainard, Bowman and Waller are all White.

As attention shifts to the remaining vacancies, Democrats and left-leaning economists have been focused on the vice chair for supervision, which is essentially the Fed’s top banking regulator. Many Fed experts say that job is best suited for a lawyer deeply versed in the wonky ins and outs of Wall Street. Liberals are also pushing Biden to nominate someone who will strengthen banking rules and focus on the ways climate change threatens financial stability.

The White House is considering Richard Cordray, the first director of the Consumer Financial Protection Bureau, according to people familiar with the nomination process. On Tuesday, Sen. Sherrod Brown (D-Ohio) said he “was talking to the White House about [Cordray] and a number of other people.”

For the post of Fed banking cop, the administration is also considering Sarah Bloom Raskin, a former Fed governor and former deputy secretary of the Treasury Department. Bloomberg News on Wednesday also reported that Atlanta Fed President Raphael Bostic is in the mix. Bostic is the first Black president of a Federal Reserve regional bank. Cordray and Raskin are both White.

For months, left-leaning economists and others close to the Hill and White House have been pushing Biden to nominate Lisa Cook, one of the country’s preeminent economists, to the Fed. Cook, who is at Michigan State University, also worked at the White House’s Council of Economic Advisers during the Obama administration and has had visiting appointments at the National Bureau of Economic Research, the University of Michigan, and the Federal Reserve Banks of New York, Chicago, Minneapolis and Philadelphia.

If chosen by Biden, Cook would be the first Black woman nominated to the Fed board. Cook did not respond to a request for comment.

Also widely discussed for a Fed opening is William Spriggs, the chief economist to the AFL-CIO and a professor in Howard University’s economics department. From 2009 to 2012, Spriggs also served as assistant secretary for the Office of Policy at the Department of Labor, a role that required Senate confirmation. Spriggs, who is Black, declined to comment.

Brown has previously called attention to the dearth of Black economists within the Fed system. During a Senate Banking Committee hearing in September, he asked Powell and Treasury Secretary Janet Yellen whether the Fed would be more successful if “Black women had a voice and a seat at the table.” Yellen and Powell both agreed that it would.

There has been an open seat on the board of governors all year, and Fed watchers on the left have been frustrated that the administration hasn’t moved faster to nominate a Black economist to fill it.

“It’s definitely overdue,” said Fanta Traore, co-founder of the Sadie Collective, which works to bring more Black and Brown women into economics. “Having everyone wait for so long is taking away from the impact that could be had in this current moment. It’s urgent, and it should be taken care of ASAP.”

The wait for Biden’s remaining nominees coincides with two other leadership changes at the Fed. In September, the presidents of the Dallas and Boston reserve banks — Robert Kaplan and Eric Rosengren, respectively — left their posts amid scrutiny of their stock-trading behavior during the pandemic.

The White House does not nominate presidents of the Fed’s 12 regional banks; those decisions are made at the district level. But regional bank presidents rotate as voting members of the Fed committee that sets monetary policy. Fed watchers say their vacancies also present a key opportunity for more diversity within the Fed’s top ranks.

According to research from Peter Conti-Brown and Kaleb Nygaard, there have been only three non-White regional bank presidents in Fed history, and only one Black regional bank president.