TechFlow news, December 3 — According to Jinshi Data, U.S. Treasury Secretary Bessent said Wednesday that he plans to push for a requirement that the 12 regional Federal Reserve bank presidents must have resided in their respective districts for at least three years prior to appointment. Bessent stated he will advocate for the Federal Reserve Board in Washington to exercise veto power over future nominations of candidates who do not meet this residency requirement. "The Fed Chair and the Board of Governors have final authority over appointments to the boards of the regional banks..." Bessent said, "so I think... we will veto unless someone has lived in the district for three full years."
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