US Treasury Secretary proposes new rule: regional Federal Reserve presidents must reside in their respective districts for at least three years before being appointed.

Odaily Planet Daily reports that U.S. Treasury Secretary Bessant said Wednesday he plans to push for a requirement that the presidents of the 12 regional Federal Reserve Banks must reside in their respective districts for at least three years before being appointed to lead their regional banks. Bessant stated that he will push for the Federal Reserve Board of Governors in Washington to veto any candidates who do not meet this requirement. "The Fed Chair and the Board of Governors have the final say on the selection of regional bank board members," Bessant said. "Therefore, I believe... unless someone has resided in their district for at least three years, we will veto them." (Jinshi)