Dudley Named New York Fed Chief

William C. Dudley has been named to serve as president and CEO of the Federal Reserve Bank of New York. His appointment by the board of directors of the New York Fed – succeeding Timothy F. Geithner, who was sworn in as Secretary of the Treasury – was approved by the Federal Reserve Board of Governors.

Dudley was formerly the executive vice president of the Markets Group at the Federal Reserve Bank of New York. He was also the manager of the System Open Market Account for the Federal Open Market Committee. He oversaw domestic open market and foreign exchange trading operations and the provisions of account services to foreign central banks.

"We were fortunate to have an exceptional slate of candidates for the post," says Stephen Friedman, chairman of the New York Fed's board of directors and the search committee that selected Dudley. "The board is very pleased with the selection of Bill Dudley. His deep economics background, extensive working knowledge of the markets and hands-on policy-making role make him an outstanding choice to succeed Tim Geithner."

SOURCE: New York Fed


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