N.Y. Fed Pres­i­dent Dud­ley To Re­tire Ahead of Time

The Bond Buyer - - Market News - — Gary E. Siegel

Wil­liam C. Dud­ley, Fed­eral Re­serve Bank of New York pres­i­dent and chief ex­ec­u­tive of­fi­cer, in­tends to re­tire in mid-2018 “to en­sure that a suc­ces­sor is in place well be­fore the end of his term,” the Fed said in a state­ment Mon­day.

Dud­ley’s term ends in Jan­uary of 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 Fed­eral Re­serve Board Chair Janet Yellen in a state­ment. “The Amer­i­can econ­omy is stronger and the fi­nan­cial sys­tem safer be­cause of his many thought­ful con­tri­bu­tions.”

In the state­ment, Dud­ley thanked “Tim Gei­th­ner, Ben Ber­nanke and Janet Yellen for giv­ing me the op­por­tu­nity to work closely with them dur­ing the cri­sis and the sub­se­quent eco­nomic re­cov­ery.” He called “lead­ing the New York Fed and be­ing a mem­ber of the FOMC … a dream job.”

“The el­i­gi­ble mem­bers of the New York Fed’s Board of Di­rec­tors, those with­out bank af­fil­i­a­tions, have be­gun the process for find­ing Mr. Dud­ley’s suc­ces­sor,” ac­cord­ing to the state­ment.

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