WASHINGTON — The Federal Reserve is facing a significant change in leadership that goes beyond the installation of a new chairman. It is also awaiting the appointment of two other top officials who will play a crucial role in shaping Fed policy.
President Trump, who has already nominated Jerome H. Powell as the Fed’s next chairman, also gets to pick a new vice chairman. But the other open position, the presidency of the Federal Reserve Bank of New York, is not Mr. Trump’s choice to make.
The New York Fed chooses its own president, a position that is often described as the second-most powerful at the Fed. The regional bank is responsible for implementing the Fed’s monetary policy decisions — raising or lowering interest rates through the purchase and sale of financial assets — and it oversees many of the nation’s largest financial institutions.
Some of Mr. Trump’s political opponents see an opportunity to fill that opening with a counterweight to the president’s economic agenda.