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President Biden’s flurry of recent picks to the Federal Reserve’s Board of Governors would shape the central bank’s leadership for years to come. They also would bring unprecedented diversity to the 108-year-old institution. If Mr. Biden’s five nominees are confirmed by the Senate, the seven-member board would include—for the first time—four women and two Black governors.

Mr. Biden’s Fed board nominees are:

Chairman Jerome Powell, nominated for a second four-year term at the central bank’s helm. Mr. Powell was first nominated to the board in 2011 by former President Barack Obama before being elevated to the Fed’s top post by former President Donald Trump.

Lael Brainard, an economist and Fed governor nominated to serve as the central bank’s vice chairwoman, the central bank’s No. 2 official. Originally tapped to join the central bank by Mr. Obama, she has served on the Fed’s board since 2014. Her term expires in 2026.

Sarah Bloom Raskin, a lawyer, former Fed governor, former top Treasury Department official and former Maryland state commissioner of financial regulation. She was nominated to serve as the Fed’s vice chairwoman of supervision, its top banking regulator. She would fill a term expiring in 2032.

Philip Jefferson, an academic economist and dean of faculty at Davidson College, whose research has focused on labor markets and poverty. He has been nominated to a full 14-year term.

Lisa Cook, an economics professor at Michigan State University, who was an economic adviser in Mr. Obama’s White House. She has been nominated to a term that would expire in 2024.

Two remaining board members are:

Michelle Bowman, a former community-bank executive and Kansas state bank commissioner, first nominated to the board by Mr. Trump. She joined the board in 2018. Her term expires in 2034.

Christopher Waller, an economist and former research director at the St. Louis Fed, tapped by Mr. Trump in 2020 for a term expiring in 2030.

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