New York Federal Reserve Bank President William Dudley will retire in mid-2018, ahead of the January 2019 conclusion of his terms.
CNBC is reporting
that the 64-year-old Dudley privately informed colleagues of his plans, adding that his decision was not related to President Trump’s snubbing of Janet Yellen in favor of nominating Jerome Powell as the next Fed chairman. Dudley’s announcement follows last month’s news of the departure of Stan Fischer from his role as vice chairman of the central bank. The seven-member Fed Board of Governors now has three vacancies.
The choice of Dudley's replacement will be made by the New York Fed's board of directors and approved by the Federal Reserve board. Dudley was appointed to the New York Fed’s leadership role in January 2009, and was previously chief economist and managing director at Goldman Sachs.