New York Federal Reserve President William Dudley, who oversaw the Fed's accumulation of trillions of dollars of assets in response to the 2007-2009 financial crisis, will likely announce his retirement this week, CNBC reported on Sunday, citing sources familiar with his plans. A search committee has already been formed to find his replacement, the report said. CNBC said he is expected to step down in the spring or summer of next year once that replacement is named.
The New York Fed declined to comment to Reuters. Dudley took office in January 2009 and his term ends in early 2019. Dudley is an influential voice on policy. The head of the New York Fed also serves as a vice chair and permanent voting member of the rate-setting Federal Open Market Committee. Presidents of the Fed's 12 reserve banks are appointed by the private boards that oversee them, not appointed by the president. On Thursday, President Donald Trump tapped Fed Governor Jerome Powell to become head of the US central bank, breaking with precedent by denying Janet Yellen a second term.
Comments
Comments are closed.