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 William
Dudley was named Tuesday president and CEO of the Federal Reserve Bank
of New York, succeeding Timothy Geithner, who was sworn in as secretary
of the Treasury Monday evening. Dudley, 56, was appointed by the New
York Fed's board of directors and approved by the Federal Reserve Board
of Governors in Washington.
Dudley's appointment was announced the same day the Federal Reserve Board appointed the 2009 chairs and deputy chairs of the 12 Federal Reserve Banks around the country. Each Reserve Bank has a nine-member board of directors. The Board of Governors in Washington appoints three of these directors and each year designates one of its appointees as chair and a second as deputy chair. The New York Fed is the most watched of the reserve banks because it serves as a liaison between the Board of Governors and the money center banks in New York. While Geithner held the post, he was involved in nearly every major federal intervention in the current financial crisis. Dudley acknowledged the responsibility he is accepting. "The New York Fed, standing at the critical intersection of the financial markets and the banking system, has a leading role to play in assisting in the reform of the architecture of the U.S. and global financial system to ensure that what has transpired over the past year can never occur again," he said. Stephen Friedman, chairman of the New York Fed's board of directors and head of the search committee, said Dudley's "deep economics background, extensive working knowledge of the markets and hands-on policy making role make him an outstanding choice to succeed Tim Geithner." Dudley was 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. Dudley expanded the Federal Reserve's contacts with the buy-side
investment community and through the Bank's Treasury Market Practices
Group was active in pushing forward the implementation of new best
practices. Denis M. Hughes, deputy chairman and a member of the board search committee, noted that Dudley "led our Markets Group at a crucial time and helped conceptualize, develop and manage many of the Fed's responses to extraordinary financial conditions." Prior to joining the New York Fed in January 2007, Dudley was a partner
and managing director at Goldman, Sachs & Co. and served for a
decade as the firm's chief U.S. economist. He also served as senior
foreign exchange economist. Prior to joining Goldman, his work focused
on regulatory and payments issues as a vice president at Morgan
Guaranty Trust Co. and as an economist in the financial studies
department at the Fed's Board of Governors. He has been a member of the
Technical Consultants group to the Congressional Budget Office and a
member of the Economic Advisory Committee to the New York Fed. Dudley received his doctorate in economics from the University of California, Berkeley in 1982 and a Bachelor of Arts degree from New College, Sarasota, Fla., in 1974. - Bill McConnell See announcement of Dudley's appointment CategoriesComments Deal Video
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Great site. I posted an article on my site explaining the fed and how it works. I would invite your readers to stop by and check it out if they aren't sure how the fed works.