Prevent the "New York faction" from dominating monetary policy! US Treasury Secretary proposes new rule requiring regional Fed presidents to have lived locally for three years.

According to the Wise Finance APP, US Treasury Secretary Benson said on Wednesday that he will push for a new requirement, which is that Federal Reserve System regional Fed presidents must reside in their jurisdiction for at least three years before taking office. This move is seen by the outside world as possibly giving the White House greater influence in this institution that traditionally maintains a high degree of independence.