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Bessent to push new residency rule for regional Fed heads
Treasury Secretary Scott Bessent on Wednesday said he will push for a new rule that candidates for regional Federal Reserve presidents must have lived in that district for at least three years. The idea is the latest push by Bessent for a sweeping shakeup of the US central bank — which he has repeatedly accused of mission creep and having strayed from its primary mandate of setting monetary policy. “I do believe that there is now a disconnect from the original framing” of the Fed, Bessent said in a discussion at a New York Times event. The US central bank, set up more than a century ago, established a board of ... (full story)