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US Treasury Secretary Plans to Introduce New Rule: Regional Fed Presidents Must Reside in District for at Least Three Years Before Appointment
Summary: According to sources, US Treasury Secretary Yellen stated on Wednesday that he plans to push for a requirement that the 12 regional Fed presidents must reside in their respective districts for at least three years before leading their regional Feds. Yellen mentioned that he will advocate for the Federal Reserve Board in Washington to veto ...
According to sources, US Treasury Secretary Yellen stated on Wednesday that he plans to push for a requirement that the 12 regional Fed presidents must reside in their respective districts for at least three years before leading their regional Feds. Yellen mentioned that he will advocate for the Federal Reserve Board in Washington to veto appointments of candidates who do not meet this residency requirement. 'The Fed Chair and Board have the final say on the selection of regional bank board members,' Yellen stated, 'so I believe... unless someone has resided in the district for at least three years, we will veto the appointment.'
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Link: US Treasury Secretary Plans to Introduce New Rule: Regional Fed Presidents Must Reside in District for at Least Three Years Before Appointment [Copy]
