William C. Dudley
|Employer||New York Federal Reserve Bank|
|Location||New York, NY|
William C. Dudley is the 10th president and chief executive officer of the Federal Reserve Bank of New York. He assumed that role on January 27, 2009, succeeding Timothy Geithner, who was sworn in as secretary of the U.S. Treasury.
Previously Dudley served as executive vice president of the Markets Group at the Fed. He was also the manager of the System Open Market Account for the Federal Open Market Committee. Before becoming the Fed's chief trader in 2007, Dudley was chief economist at Goldman Sachs for 10 years, a role for which he was ranked No. 1 in Institutional Investor magazine's league table of economists several times.
Prior to his years at Goldman, Dudley was in charge of regulatory analysis at J.P. Morgan, where he co-authored a pamphlet that advocated repealing the Glass-Steagall Act, a law put in place during the Great Depression to separate commercial and investment banking. Some economists have criticized the repeal of Glass-Steagall in 1999 as paving the way for the risk-taking that has led to the current crisis.
Dudley began his career as an economist at the Fed's Board of Governors in the early 1980s.
Dudley received a B.A. from New College in Sarasota, Florida in 1974 and his PhD in Economics from the University of California, Berkeley in 1982.
On June 10, 2011, Dudley spoke to a group of business leaders in New York, saying, "I anticipate economic growth will pick up enough in the second half of 2011 to sustain a moderate economic recovery. Still, the pace of recovery will probably be painfully slow for the many unemployed and underemployed workers."