United States Treasury Secretary Scott Bessent on 3 December said that he is proposing a new mandate that would require the Federal Reserve's regional bank presidents to live in their districts for at least three years before taking office, AP reported, noting that this decision, if passed, could give the White House more power over appointments at the independent central bank.

In comments at the New York Times' DealBook Summit, Bessent criticized several presidents of the Fed's regional banks, saying that they were not from the districts that they now represent, “a disconnect from the original framing” of the Fed.

“So, do they represent their district?” he asked. “I am going to start advocating, going forward, not retroactively, that regional Fed presidents must have lived in their dist

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