U.S. Treasury Secretary Advocates Residency Requirement for Regional Fed Presidents

According to Odaily, U.S. Treasury Secretary Besent announced on Wednesday his intention to implement a residency requirement for the appointment of regional Federal Reserve presidents. Besent proposed that candidates must have lived in their respective districts for at least three years before being appointed to lead their regional Fed. He emphasized that the Federal Reserve Board in Washington should exercise veto power over candidates who do not meet this residency requirement. Besent stated, "The Fed Chair and the Board have the final say on the selection of regional bank board members... Therefore, I believe that unless someone has resided in the district for three years, we will veto their appointment."