President Joe Biden said Tuesday that the White House will be making an announcement about his nominations to lead the U.S. Federal Reserve "fairly quickly."

Biden told reporters that he has been thinking about personnel decisions, including whether to re-nominate Fed Chair Jerome Powell, and that he expected there would be "plenty of time" for his central bank nominees to be cleared by the Senate before current terms expire.

Federal Reserve Chairman Jerome Powell's term is set to expire in early 2022, and given the need for Congress's approval, previous presidents have announced their decisions to keep or replace the chairman typically in October or early November.

Should Biden replace Powell, a non-economist who was appointed by former President Donald Trump, Biden could reshape the Federal Reserve Board of Governors' approach to monetary policy, experts say.

“He has the potential for a real shakeup of the Fed board,” James McCann, deputy chief economist at Aberdeen Standard Investments, told NBC News. “It's a very significant chance. I think it’s an opportunity there to really reshape how the Fed board leans in terms of policy, in terms of not just that classic hawkish versus dovishness, but also thinking about those broader issues.”