US EditionBessent Says White House May ‘Veto’ Federal Reserve Presidents
Treasury Secretary Scott Bessent aims to ensure Fed regional bank presidents live in their districts for 3 years to improve local insight and address policy disconnects.
- Treasury Secretary Scott Bessent said he would push for a requirement that Federal Reserve regional bank presidents live in their districts for at least three years before taking office.
- Bessent criticized several Fed regional bank presidents for opposing interest rate cuts and said the administration may 'veto' nominees from outside their districts.
- The Federal Reserve has a complicated structure with a board in Washington and 12 regional banks whose presidents participate in setting interest rates.
33 Articles
33 Articles
Scott Bessent is proposing new requirement that could give White House more influence over Federal Reserve appointments
Treasury Secretary Scott Bessent has proposed that the US Fed's regional bank presidents must reside in their districts for at least three years before taking office, in a move that may grant the White House more influence over the central bank.
Associated Press News
Bessent says White House may 'veto' Federal Reserve presidents
Treasury Secretary Scott Bessent said Wednesday he would push a new requirement that the Federal Reserve’s regional bank presidents live in their districts for at least three years before taking office, a move that could give the White House more power over the independent agency.
U.S. Treasury Secretary Scott Bessent said Wednesday (December 3) that he will push for a new rule requiring the presidents of the 12 Federal Reserve Banks (Fed) to reside in their respective districts for at least three years before being appointed. The reason given is that many current district Fed presidents are "not locals," deviating from the original design intent of the Federal Reserve system. Speaking at the New York Times DealBook Summi…
Bessent floats residency rule for regional Fed presidents
Treasury Secretary Scott Bessent said the Federal Reserve Board should reject the renomination of any regional Federal Reserve Bank presidents who have not lived in their districts for three years, signaling a potential confrontation when reappointments come before the board in February.
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