Banking and Finance Law Daily NY Fed’s Dudley to retire mid-2018
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Monday, November 6, 2017

NY Fed’s Dudley to retire mid-2018

By Lisa M. Goolik, J.D.

William C. Dudley, president and chief executive officer of the Federal Reserve Bank of New York, has announced that he will retire from his position in mid-2018—well before his term ends in January 2019—in order to ensure that his successor is in place. Dudley saidthat leading the NY Fed has been “a dream job,” and he specifically thanked former Secretary of the Treasury Timothy Geithner, former Federal Reserve Board Chair Ben Bernanke, and current Fed Chair Janet Yellen for their work together during the financial crisis and the subsequent economic recovery.

Dudley joined the New York Fed in 2007 as executive vice president and head of the Markets Group, where he also managed the System Open Market Account for the Federal Open Market Committee. He was named the 10th president and CEO of the New York Fed on January 27, 2009, taking over the remainder of his predecessor’s term. Dudley was appointed for his first full term in 2011 and reappointed in 2016. He reaches the 10-year policy-limit in the role in January 2019.

“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,” said Yellen. “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.”

The NY Fed said that the eligible members of its board of directors, those without bank affiliations, have begun the search for his replacement.

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