Bessent plans to press for Fed bank president district residency requirement

Dec 3 (Reuters) – U.S. Treasury Secretary Scott Bessent on ​Wednesday said he plans ‌to advocate for a requirement that ‌the 12 regional Federal Reserve Bank presidents should reside in their districts for at ⁠least three ‌years before being appointed to lead their banks.

Bessent, ‍speaking at the New York Times DealBook Summit, said he would ​press going forward that appointments ‌of candidates who have not satisfied that threshold be vetoed by the Fed’s Board of Governors in Washington.

“The chair ⁠and the board ​have the ​final say on who … the regional bank boards can ‍select,” Bessent ⁠said. “So I believe that … unless someone’s lived in ⁠the district for three years, we’re ‌going to veto them.”

(Reporting ‌By Dan Burns)