"New York Fed President William Dudley set to announce retirement: Sources"
From CNBC:
- William Dudley, who heads the powerful New
York Fed and is a member of the policy-setting FOMC, may announce his
retirement as early as next week, sources tell CNBC.
- Dudley was a key figure in managing the fallout from the 2008 financial crisis.
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.
Dudley, who has has headed the
bank since 2009, will likely retire sometime in the spring or summer of
2018 when his replacement is found and approved, sources told CNBC. His
term ends in January 2019. A search committee has already been formed.
Dudley, who will be 65 next year, took
the helm of the New York Fed when the banking system was still in the
throes of the worst financial crisis of the post-war era.
He previously had headed the New
York Fed's markets group, a critical job that oversees the trades and
market operations required to set the Federal Funds Rate. In both
positions, Dudley was a principal player in Fed decisions concerning the
demise of Lehman Brothers, AIG and Bear Stearns, along with emergency measures taken by the central bank to stanch a meltdown in the financial system.
Largely under Dudley, the NY Fed
was responsible for accumulating the trillions in assets the Fed
purchased as part of the quantitative easing program, bringing its
balance sheet up to $4.5 trillion. It is now responsible for the market
operations underway to reduce the balance sheet....MORE
