Story highlights The position operates independently of the White House

People close to Trump say he has not ruled out reappointing Yellen

Washington (CNN) Before year's end, President Donald Trump must fill a job deemed by some the second-most powerful in the world: chairman of the Federal Reserve.

The person he chooses to lead the central bank will wield wide power over monetary policy and the nation's financial system, with the capacity for market-moving decisions.

Despite its ability to profoundly impact the US economy, the position operates independently of the White House. The person Trump chooses will not be beholden to the President's own views.

That makes Trump's upcoming choice a big one, particularly for a President intent on returning economic security to the Rust Belt and Midwestern states where he enjoyed electoral victory.

Trump, himself, has yet to begin serious consideration of candidates for the role, according to two people with knowledge of his thinking, though he expects to make a decision before next year. Members of Trump's team are working on preparing a list of names to present to the President soon, though they have not yet completed their internal vetting.

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