Jerome Powell is expected to easily win confirmation with bipartisan backing. | Al Drago-Pool/Getty Images

President Joe Biden said he will reappoint Federal Reserve Chair Jerome Powell as head of the U.S. central bank, opting for continuity in the governments most powerful economic post as the specter of rising inflation looms in an election year.

Powell a Republican and a Trump appointee is expected to easily win confirmation with bipartisan backing, driven by his record in heading off a financial crisis at the onset of the pandemic and steering the economy through the crippling recession that followed.

But hell face intense scrutiny from some Democrats such as Sen. Elizabeth Warren for overseeing a rollback in Wall Street rules, an issue that has sharply divided progressives over whether he deserves a second term, and over a trading scandal that forced two top Fed officials to resign.