The decision on who will lead the Federal Reserve for the next four years is reportedly imminent, and the implications will go beyond when interest rates will begin to be raised.

The horse race currently is between the current chair, Jerome Powell, and Lael Brainard, one of the Fed Board governors. On matters of monetary policy, the two have been on the same page throughout their tenures. But on regulatory and political matters, there are important differences. The decision by President Joe Biden will likely turn on those…