U.S. Treasury Secretary: The selection process for the new Chairman of the Federal Reserve (FED) will begin in the fall.

[U.S. Treasury Secretary: The Selection Process for the New Federal Reserve Chairman Will Begin in the Fall] On July 3 local time, U.S. Treasury Secretary Mnuchin stated that there are many excellent candidates for the Federal Reserve Chairman, and the work will begin in the fall. Previously, according to a June 25 report by The Wall Street Journal, President Trump is considering nominating the next Federal Reserve Chairman early to undermine the influence of the current Chairman Powell, who has 11 months remaining in his term as Chairman. Sources revealed that Trump is considering selecting and announcing Powell's successor before September or October, "and Trump's anger towards Powell may lead him to announce a successor candidate earlier this summer." Trump is considering former Federal Reserve Governor Kevin Warsh and White House National Economic Council Director Kevin Hassett. Additionally, sources revealed that Treasury Secretary Mnuchin has been recommended as a potential candidate; other competitors include former World Bank President David Malpass and Federal Reserve Governor Christopher Waller.