Bessent Proposes 3-Year Residency for Fed Regional Presidents

Treasury Secretary Scott Bessent proposed a new rule for regional Federal Reserve bank presidents, suggesting they should reside in their districts for at least three years prior to taking office. This move aims to bridge the gap between the Feds original intent and its current structure, particularly in light of criticism from Bessent and President Trump regarding recent interest rate decisions. The proposal could potentially give the White House more influence over the Fed, traditionally an independent institution. The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.