New York Fed president to retire

As leader of the New York Fed, William Dudley also served on the Federal Reserve’s Federal Open Market Committee

New York Fed president to retire
William Dudley is stepping down from his roles as president and CEO of the Federal Reserve Bank of New York.

Dudley has expressed his intention to retire in mid-2018 to ensure that a successor is in place well before the end of his term in January 2019, when he reaches the 10-year policy limit in the role.

Dudley assumed the role of president and CEO of the New York Fed in January 2009 to take over the remained of his predecessor’s term. In 2011, he was appointed to his first full term for both roles. He was reappointed to the same roles in 2016. He first joined the New York Fed in 2007 as executive vice president and head of the markets group.

In his roles in the New York Fed and as vice chairman of the Federal Reserve’s Federal Open Market Committee, Dudley has played a key role in the design and implementation of several emergency lending facilities and extraordinary monetary policy measures undertaken by the Federal Reserve to support the US economy.

“I have deeply appreciated Bill Dudley’s enormous contributions to the FOMC, his wise counsel, and warm friendship throughout the years of the financial crisis and its aftermath,” Federal Reserve Board Chair Janet Yellen said. “The American economy is stronger and the financial system safer because of his many thoughtful contributions. The Federal Reserve System and the country owe him a debt of gratitude.”

“For someone who has always had an interest in public policy and service, leading the New York Fed and being a member of the FOMC has been a dream job. I have had the honor to work at the Fed with colleagues who are amongst the most dedicated and talented public servants anywhere,” Dudley said.

Eligible members of the New York Fed’s board have started the search for Dudley’s successor.

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