Economy

New York Fed chief Bill Dudley to retire

New York Fed chief Bill Dudley to retire”

New York Federal Reserve Bank President William Dudley, a key figure in the unprecedented government response to the financial crisis, is expected to announce his retirement as soon as next week, according to several people familiar with his plans. There are also three additional vacancies on the Fed's board.

"I am extremely proud of the work we have done in NY, and as a System, from our efforts to help the nation navigate the financial crisis to beginning the process of normalizing the balance sheet to our work on reforming the culture of the financial services industry", Mr. Dudley said in a statement.

Trump hasn't announced nominations for the three other board jobs, and Yellen hasn't said whether she will remain on the board once her term as chair ends February 3.

The president nominates the Fed's board members, who are subject to Senate confirmation. It's an especially important regional presidency because it helps to regulate Wall Street and has a permanent vote on the FOMC. The 12 regional bank presidents are selected by their individual bank boards.

The New York Fed's board said it has set up a search committee and aims to name a successor by the middle of next year.

Dudley began his role at the beginning of 2009, during the depths of the financial crisis. It added that Dudley timed his retirement to ensure that a successor is in place well before his term ends in January of 2019, when he reaches the 10-year term limit.



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