Bessent plans to press for Fed bank president district residency requirement

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 should reside in their districts for at least three years before being appointed to lead their banks.

Bessent, speaking at the New York Times DealBook Summit, said he would press going forward 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."