New York (CNN Business)In his first year in office, President-elect Joe Biden will have many crucial decisions to make. One of those important choices is who will oversee the Federal Reserve after Chairman Jerome Powell.

While Powell's term isn't up until February 2022, speculation is already buzzing about a potential second term — and his eventual successor. Powell is likely to face questions about his future at a news conference Wednesday, when the central bank is widely expected to announce it is keeping interest rates at zero.