William C. Dudley

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William Dudley
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Occupation President
Employer New York Federal Reserve Bank
Location New York, NY
Website www.nerworkfed/org

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, taking over for the remainder of his predecessor Timothy Geithner's term when Geithner was sworn in as secretary of the U.S. Treasury.[1] Dudley was appointed for his first full term as president and CEO in 2011 and reappointed in 2016.

He worked closely with Janet Yellen in formulating the gradual approach to reducing stimulus and was integral to the Fed's strategy for reducing the Fed's balance sheet.[2] He has been a strong advocate for strengthening the nation’s financial system and payments infrastructure after the 2008 financial crisis. Following the LIBOR scandals, Dudley was part of an international effort to reform and improve reference rates, including the creation of a new set of New York Fed-administered benchmark rates.

The Federal Reserve Bank of New York announced on November 6, 2017 that Dudley would retire from his position in mid-2018 in order to ensure a successor is in place well before the end of his term in January 2019.[3] He will also step down from his post as vice chairman of the Federal Open Market Committee. [4]

Background

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 (FOMC).

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.[5]

He joined Goldman Sachs in 1986, working in a number of capacities, including as former Treasury Secretary Robert Rubin's senior economic adviser.

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.

Education

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.

Latest News

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."[6]

References

  1. Press Release. New York Federal Reserve Bank.
  2. Bill Dudley's early retirement adds to Fed uncertainty. The Financial Times.
  3. New York Fed President Dudley to Retire. New York Fed.
  4. New York Fed chief William Dudley retiring. Newsday.
  5. A Conversation with William C. Dudley. Council On Foreign Relations.
  6. Fed's Dudley:Growth to pick up, but risks increased. Reuters.