Bessent Proposes 3-Year Residency for Fed Regional Bank Presidents

Treasury Secretary Scott Bessent proposes a new rule for Federal Reserve regional bank presidents, requiring them to reside in their assigned districts for at least three years before taking office. This move aims to ensure these leaders understand local economies and follows Bessents criticism of the current setup, where some presidents live outside their districts. The proposal could signal a push for more control over the Fed, an institution known for its independence from political influence. DNN | The Daily News Now! The world’s first global local news network. Every city. Every story. AI powered. Hosted on Acast. See acast.com/privacy for more information.