Dec 3 (Reuters) – U.S. Treasury Secretary Scott Bessent on Wednesday said he plans to advocate for a requirement that the 12 regional Federal Reserve Bank presidents reside in their districts for at least three years before being appointed to those positions.

Bessent, speaking at the New York Times DealBook Summit, said going forward he would press that appointments of candidates who have not satisfied that threshold be vetoed by the Fed’s Board of Governors in Washington.

“The chair and the board have the final say on who … the regional bank boards can select,” Bessent said. “So I believe that … unless someone’s lived in the district for three years, we’re going to veto them.”

Bessent, who is in the process of selecting a candidate to recommend to President Donald Trump as the successo

See Full Page