U.S. Treasury Secretary plans to propose new regulations: Regional Federal Reserve Bank presidents must reside in their districts for at least three years before appointment

According to Jin Ten, U.S. Treasury Secretary Basent stated on Wednesday that he plans to push for a requirement that the 12 regional Federal Reserve presidents must reside in their respective Federal Reserve districts for at least three years before being appointed to lead them.

Basent mentioned that he will advocate for future appointments of candidates who do not meet this residency requirement to be vetoed by the Federal Reserve Board in Washington. "The Federal Reserve Chairman and the Board have the final say on the candidates for the regional bank boards…" Basent stated, "Therefore, I believe… unless someone has lived in the district for three years, we will veto them."