The White House Council of Economic Advisers Chair supports the regional Federal Reserve Presidents' proposal for a three-year residency requirement

The Director of the National Economic Council, Hassett, stated on Friday that he supports the new regulations proposed by Treasury Secretary Basant, which require candidates for the presidency of the Federal Reserve Banks to have resided in their respective regions for at least three years.

Hassett indicated that the purpose of establishing multiple regional Federal Reserve Banks is to ensure that regions with different economic concerns have a seat at the decision-making table and a voice. He is currently seen as a leading candidate to succeed Federal Reserve Chairman Powell when his term expires in May next year.

The term of the Federal Reserve Bank president must be reauthorized by the Federal Reserve Board in Washington every five years, with the current term set to expire in February next year. Hassett mentioned that he has not discussed with others whether the new regulations would affect the reappointment process at that time