White House proposes residency requirement for Federal Reserve regional bank presidents

courant.com

Treasury Secretary Scott Bessent announced a potential White House "veto" power over Federal Reserve regional bank presidents, requiring them to reside in their districts for three years. This move could increase White House influence over the independent Federal Reserve. Bessent criticized some presidents for opposing interest rate cuts, aligning with President Trump's stance. The Federal Reserve, tasked with price stability and employment, has a structure including a Washington board and 12 regional banks. This proposal raises questions about the Fed's traditional independence.


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White House proposes residency requirement for Federal Reserve regional bank presidents | News Minimalist