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flag Treasury Secretary Bessent proposes a three-year residency rule for Fed bank presidents to strengthen decentralization amid White House-Fed tensions.

flag Treasury Secretary Scott Bessent announced he will push for a three-year residency requirement for Federal Reserve regional bank presidents, saying current appointments—particularly those with strong New York ties—undermine the Fed’s decentralized mission. flag Speaking at the New York Times DealBook Summit, he suggested the White House could veto future appointments that don’t meet the rule, though he didn’t confirm if congressional approval would be needed. flag The proposal comes amid growing tensions between President Trump and the Fed over interest rate policy, with the administration seeking greater influence over the central bank’s leadership and decisions.

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