U.S. Treasury Secretary: Will Begin the Selection Process for the New Federal Reserve Chair this Fall

BlockBeats News, July 4th. U.S. Treasury Secretary Yellen stated that there are many excellent candidates for the Federal Reserve Chairmanship, and work on this will begin in the fall. Earlier, according to a June 25th report by The Wall Street Journal, U.S. President Trump is considering nominating the next Federal Reserve Chairman early to weaken the current Chairman Powell's influence. Powell's term as Federal Reserve Chairman still has 11 months remaining.

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 the successor earlier this summer." Trump is considering former Federal Reserve Governor Kevin Warsh and White House National Economic Council Director Kevin Hassett. In addition, sources revealed that some have recommended Treasury Secretary Yellen as a potential candidate; other competitors include former World Bank President Malpass and Federal Reserve Governor Christopher Wall. (FX678)