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

On July 4, U.S. Treasury Secretary Mnuchin stated that there are many excellent candidates for the Chair of the Federal Reserve, and this work will begin in the fall. Previously, the Wall Street Journal reported on June 25 that President Trump is considering nominating the next Chair of the Federal Reserve early to weaken the influence of the current Chair, Powell, who has 11 months left in his term. Insiders 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 earlier this summer." Trump is considering former Federal Reserve Governor Kevin Warsh and White House National Economic Council Director Kevin Hassett. Additionally, insiders revealed that Treasury Secretary Mnuchin has been recommended as a potential candidate; other contenders include former World Bank President Malpass and Federal Reserve Governor Christopher Waller. (Jin10)

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