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In July, Trump announced he was considering a replacement to Yellen, a Democrat, after her four-year term ends in February -- potentially marking the first time since 1979 a chairman has not served at least eight years. However, despite pressure from Republicans to nominate their own leader of the central banking system, Trump has praised Yellen's service.

According to The Associated Press, Trump said in an interview with the Fox Business Network that Yellen was \"very impressive. I like her a lot.\"

But the president added, \"You like to make your own mark, which is maybe one of the things she's got a little bit against her, but I think she is terrific.\"

The Federal Reserve, among other things, controls the economy's interest rates. Higher interest rates mean a higher price to borrow money, but they also mean savings accounts earn higher interest. This is the Fed's most effective tool in steering the economy. The board and its chairman serve independently of the White House, so once a nominee is sworn in, Trump will have minimal influence over his or her decisions.

Shulman told ABC News the chairman not only serves as the central banker for the United States, but also as the spokesperson for the country's monetary policy and \"for all practical purposes, is close to being the central banker for the world.\"

According to the senior economist, the most important nomination a president can make is to the Supreme Court, followed by \"probably the chairman of the Federal Reserve.\"

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