William C. Dudley has been named to serve as president and chief executive officer 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 yesterday, was approved by the Federal Reserve Board of Governors.
Stephen Friedman, chairman of the New York Fed's Board of Directors and of the search committee that selected Mr. Dudley, said in a press release, "We were fortunate to have an exceptional slate of candidates for the post. 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."
Denis M. Hughes, deputy chairman and a member of the Board search committee, added in the release, "Bill has led our Markets Group at a crucial time and helped conceptualize, develop and manage many of the Fed's responses to extraordinary financial conditions. Under his leadership, the New York Fed will continue to work closely with the Treasury and the Board of Governors in dealing with the economic situation we confront."
Dudley, 56, 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.
"I am honored to have this opportunity to lead an institution of such high quality—its people and their collective commitment to the public good are exemplary," said Dudley, in the release. "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."