US Treasury Secretary Proposes New Rule: Regional Federal Reserve Presidents Must Reside in Their District for at Least Three Years Before Appointment
ChainCatcher News, according to Golden Ten Data, U.S. Treasury Secretary Bessent said on Wednesday that he plans to promote a requirement that the 12 regional Federal Reserve presidents must have resided in their respective districts for at least three years before being appointed to lead their regional Federal Reserve banks.
Bessent stated that he will push for future candidates who do not meet this residency requirement to have their appointments subject to veto by the Federal Reserve Board of Governors in Washington. "The Federal Reserve Chair and the Board of Governors have the final say on the selection of regional bank board members," Bessent said. "Therefore, I believe... unless someone has lived in the district for three years, we will veto the appointment."
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