Treasury Secretary Scott Bessent introduces a new rule requiring Federal Reserve regional bank presidents to reside in their districts for at least three years. This move could potentially give the White House more influence over the Fed, traditionally known for its independence. Bessent, speaking at the New York Times DealBook Summit, expressed concerns about a disconnect within the Feds structure and criticized the regional bank presidents for opposing interest rate cuts. The administrations attempt to gain more control over the Fed raises questions about the institutions independence and its role in managing prices and supporting employment.
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