[U.S. Treasury Secretary Proposes New Rule: Regional Fed Presidents Must Reside in Their Districts for At Least Three Years Before Appointment] Odaily Planet Daily News – U.S. Treasury Secretary Besant stated on Wednesday that he plans to push for a requirement that the presidents of the 12 regional Federal Reserve Banks must reside in their respective districts for at least three years before being appointed to lead their regional Fed. Besant said he would advocate for the Federal Reserve Board in Washington to exercise veto power over candidates who do not meet this residency requirement in the future. 'The Fed Chair and the Board have the final say on the candidates for the regional bank boards,' Besant said, 'so I believe... unless someone has lived in the district for three years, we will veto their appointment.' (Jin10)