The US Treasury Secretary plans to introduce new rules that require regional Federal Reserve presidents to live in their jurisdictions for at least three years before being appointed

Mr. Bescent, Treasury secretary, said on Wednesday that he planned to push for a requirement that the 12 regional Fed presidents reside in their districts for at least three years before being appointed to lead them. Mr. Bescent said he would push for future appointments of candidates who did not meet that requirement, with the Fed's board of governors in Washington exercising veto power. "The Fed chairperson and the board of governors... have the final say on who gets to be on the boards of regional banks," Mr. Bescent said. "So I think... unless someone has lived in the district for three years, we will veto it."