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Economy|Business and EconomyBessent to push residency requirement for regional US Fed bank presidentsThe move is another effort by the Trump administration to have more control over the US Federal Reserve, which, historically, has been free of day-to-day politics.

## Proposed Residency Requirement for Federal Reserve Regional Bank Presidents

RBy Rebecca StoneDec 04, 20251 min read

Proposed Residency Requirement for Federal Reserve Regional Bank Presidents

United States Treasury Secretary Scott Bessent has proposed a new requirement for the Federal Reserve's regional bank presidents, mandating that they reside in their respective districts for at least three years prior to assuming office. This proposal aims to align the selection process more closely with the original structure intended by the Federal Reserve Act.

Federal Reserve Structure and Governance

The Federal Reserve is structured with a seven-member board of governors located in Washington, D.C., and 12 regional banks covering various districts across the United States. This system is designed to ensure that central bank policies are informed by regional perspectives, not just those from political appointees in Washington.

The Federal Reserve Act currently does not specify residency requirements for regional bank presidents. Historically, regional banks have emphasized merit and ability in their selection processes.

This proposal aims to align the selection process more closely with the original structure intended by the Federal Reserve Act.
Rebecca Stone · Thehackingpost

The Federal Reserve's main objectives include maintaining price stability and supporting employment by setting a short-term interest rate that affects borrowing costs across the economy. The board of governors and the president of the New York Fed have a permanent vote on interest-rate decisions, while four of the other 11 regional presidents vote on a rotating basis. However, all presidents participate in the interest-rate setting committee meetings.

Secretary Bessent's proposal arises amid increased scrutiny of the regional bank presidents, particularly following their opposition to reducing the Fed's key interest rate in an upcoming meeting. The administration's potential to "veto" presidential selections could be seen as an attempt to increase control over the traditionally independent institution.

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Secretary Bessent has emphasized that the residency requirement is intended to ensure that regional perspectives are adequately represented in the Federal Reserve's decision-making processes. He noted that the appointment of presidents from outside their districts contradicts the intended design of the Federal Reserve system, which aims to incorporate diverse regional insights into its policies.

Based on reporting by Al Jazeera.

AI transparency. This article was produced with the assistance of artificial intelligence and published under human editorial oversight. AI systems can make mistakes. Read how we use AI (EU AI Act, Art. 50).
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