Treasury Secretary Scott Bessent on Wednesday said he will push for a new rule that candidates for regional Federal Reserve presidents must have lived in that district for at least three years.

The idea is the latest push by Bessent for a sweeping shakeup of the U.S. central bank — which he has repeatedly accused of mission creep and having strayed from its primary mandate of setting monetary policy.

“I do believe that there is now a disconnect from the original framing” of the Fed, Bessent said in a discussion at a New York Times event. The US central bank, set up more than a century ago, established a board of governors in Washington along with 12 district banks spread across the nation. “Presidents in the regional banks were meant to be from their district,” Bessent argued, while now “there’s this idea of importing a bright, shiny object.”

The Treasury chief repeated a claim he made last week that three current Fed presidents don’t meet his criteria.

“So I am going to start advocating going forward, not retroactively, that regional Fed presidents must have lived in their district for at least three years,” he said. The new rule may need congressional approval, or could be implemented by the Fed chair and the board, Bessent said.

Private payrolls fall by most since 2023

US companies shed payrolls in November by the most since early 2023, adding to concerns about a more pronounced weakening in the labor market.

Private-sector payrolls decreased by 32,000, according to ADP Research data released Wednesday. Payrolls have now fallen four times in the last six months. The median estimate in a Bloomberg survey of economists called for a 10,000 gain.

Wednesday’s weak ADP report risks heightening concerns of a more rapid deterioration in the labor market ahead of the Federal Reserve’s final policy meeting of the year next week. It could hold more sway than usual as one of the few up-to-date reports officials will have by then, as the shutdown delayed the government’s November jobs report.

Trump plan rolls back mileage rules

President Donald Trump on Wednesday announced a proposal to weaken vehicle mileage rules for the auto industry, loosening regulatory pressure on automakers to control pollution from gasoline-powered cars and trucks.

The plan, if finalized next year, would significantly reduce fuel economy requirements, which set rules on how far new vehicles need to travel on a gallon of gasoline, through the 2031 model year. The administration and automakers say the rules will increase Americans’ access to the full range of gasoline vehicles they need and can afford.

The National Highway Traffic Safety Administration projects that the new standards would set the industry fleetwide average for light-duty vehicles at roughly 34.5 miles per gallon in the 2031 model year, down from a projected 50.4 miles per gallon in 2031 under the Biden-era rule.

The move is the latest action by the Trump administration to reverse Biden-era policies that encouraged cleaner-running cars and trucks, including electric vehicles, and it sparked criticism from environmental groups. Burning gasoline for vehicles is a major contributor to planet-warming greenhouse gas emissions.

Dells give $6 billion to children’s fund

Billionaires Michael and Susan Dell pledged $6.25 billion Tuesday to provide 25 million American children under 10 an incentive to claim the new investment accounts for children created as part of President Donald Trump’s tax and spending legislation.

The gift has little precedent, with few single charitable commitments in the past 25 years exceeding $1 billion.

Announced on GivingTuesday, the Dells believe it’s the largest single private commitment made to U.S. children. Its structure is also unusual.

Essentially, it builds on the “Trump Accounts “ program, where the U.S. Department of the Treasury will deposit $1,000 into investment accounts it sets up for American children born between Jan. 1, 2025 and Dec. 31, 2028. The Dells’ gift will use the “Trump Accounts” infrastructure to give $250 to each qualified child under 11. The Dells say the accounts will not launch until July 4, 2026.

Compiled from Bloomberg and Associated Press reports.