Federal Reserve unanimously approves reappointment of regional bank presidents

Core Points - The Federal Reserve's governing board unanimously approved the reappointment of 11 regional bank presidents, with the exception of the Atlanta Fed president who is stepping down [1][2] - The reappointments are significant as they occur amidst increased scrutiny from the Trump administration, which seeks greater control over the Federal Reserve [2] - Treasury Secretary Scott Bessent proposed a new requirement for future regional bank presidents to reside in their districts for at least three years before appointment, although this would not affect current presidents [3] Structure and Function - The Federal Reserve consists of a seven-member board of governors and 12 regional banks, designed to incorporate diverse perspectives in its decision-making [5] - Regional bank presidents serve five-year terms, with their reappointments decided by the Fed governors every five years [2][5] - The president of the New York Fed has a voting role in every interest rate decision, while four of the other regional presidents vote on a rotating basis [6]