COLORADO SPRINGS, COLO.  - - The United States Olympic Committee has initiated the process by which it will elect a new President by mid-summer, or possibly as late as the first week of November.    The nomination and election process will include a thorough review of each nominee's background and credentials by the USOC's Ethics Oversight Committee, chaired by Ken Duberstein, the former Chief of Staff to President Ronald Reagan in 1988-89.    "The USOC and its member organizations are rich in talented and capable men and women, as well as others who serve the organization in other ways," said USOC CEO Lloyd Ward. "We expect a nomination process which will spotlight these gifted and able individuals who share the common commitment of service to America's athletes and the Olympic ideals."    Following the resignation of President Sandy Baldwin on May 24, USOC Vice President/Secretariat Marty Mankamyer will be the Acting President until a new President is elected by a vote of the Board of Directors.    It is the consensus of the Executive Committee that a nomination system be initiated immediately so that a nominee may be presented to the Board of Directors for a mail ballot as swiftly as possible.    Nominations to be reviewed by the Executive Committee may be drawn from any source, and the members of the Executive Committee may nominate themselves for the post. But, nominations will be valid only if submitted by members of the Executive Committee.    Before the nominee is presented to the Board of Directors for a vote leading to the election, every nominee must have a questionnaire and other documents completed and reviewed by the USOC Ethics Oversight Committee. The deadline for submission of any nominations will be June 14 at 5:00 pm. (Mountain Time)    The Executive Committee will meet by telephone conference call within one week after receiving all materials from the Ethics Oversight Committee (approximately July 24) to determine the next steps required.    Those next steps must produce a nomination of a single candidate from the Executive Committee to be submitted to the Board of Directors for a mail ballot.    If the nominee does not achieve a majority tally in the voting by the Board of Directors the Executive Committee must then determine a process by which it will submit a nomination to the Board of Directors for a vote at its November meeting in Colorado Springs.