US Treasury Secretary plans to introduce new regulation: Regional Federal Reserve Presidents must have resided in their jurisdiction for at least three years before appointment.

US Treasury Secretary Besent said on Wednesday that he plans to push for a requirement that all 12 regional Federal Reserve Bank presidents must reside in their respective districts for at least three years before being appointed to lead their district's Fed. Besent said he will push for the Federal Reserve Board in Washington to exercise veto power over future appointments of candidates who do not meet this residency requirement. "The Federal Reserve Chair and the Board have the final say on the selection of regional bank directors," Besent said. "So I believe that unless someone has resided in the district for three full years, we will veto them."