Jerome Powell has been nominated for a second term as chair of the US Federal Reserve by President Joe Biden.
Powell is set to stay in the role, which includes managing inflation and regulating the financial system, for a further four years, BBC reported.
The 68-year-old Republican has been praised for his management of the economy during the pandemic.
The other front-running candidate, Lael Brainard, was favoured by progressives on the left of President Biden's Democratic Party.
Ms Brainard, who has been on the board of governors of the Federal Reserve since 2014, has been nominated as vice chair.