Bessent to Push New Residency Rule for Regional Fed Heads (1)

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, ...