U.S. Treasury Secretary: The selection process for the new Federal Reserve Chair will begin in the fall

ChainCatcher news, according to Jinshi reports, U.S. Treasury Secretary Mnuchin stated that there are many excellent candidates for the Federal Reserve Chair, and work on this will begin in the fall.

Previously, The Wall Street Journal reported that President Trump is considering an early nomination for the next Federal Reserve Chair to undermine the influence of the current Chair, Powell, who has 11 months left in his term.

Informed 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 earlier this summer." Trump is considering former Fed Governor Kevin Warsh and White House National Economic Council Director Kevin Hassett.

Additionally, informed sources disclosed that Treasury Secretary Mnuchin has been recommended as a potential candidate; other competitors include former World Bank President David Malpass and Fed Governor Christopher Waller.