Dudley Named New York Fed President

The New York Federal Reserve announced Tuesday it selected William C. Dudley as its new president and CEO. Dudley, 56, will succeed Timothy Geithner, who was sworn in as the new Treasury secretary late Monday. Prior to joining the New York Federal Reserve Bank in January 2007 as one of Geithner’s top aids — where he played a key role in structuring the Federal Reserve’s strategy to buy up assets in the effort to stabilize financial markets — Dudley held various top level positions at Goldman Sachs & Co. (GS), including chief economist for nearly a decade. “Bill [Dudley] 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,” said Denis M. Hughes, deputy chairman and a member of the Board search committee. “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 also serves as vice chairman of the Monetary Policy Committee, and formerly served as 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. “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,” said Stephen Friedman, chairman of the New York Fed’s Board of Directors and of the search committee. Upon his selection, Dudley said he was honored to have the opportunity to “lead an institution of such high quality…” “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,” Dudley said. Write to Kelly Curran at [email protected].