MNI: Fed's Dudley to Retire in Mid-2018, Before Term Ends

     WASHINGTON (MNI) - The Federal Reserve Bank of New York on Monday said its

president, William Dudley, intends to retire in mid-2018 to ensure that a

successor is in place well before the end of his term. 

     Dudley will have a served a 10-year term by January 2019, the maximum

allowed. 

     A search committee co-led by Sara Horowitz, executive director of the

Freelancers Union and chair of the New York Fed's Board of Directors, and Glenn

Hutchins, co-founder of North Island and of Silver Lake, will aim to install a

successor by mid-2018, the Fed bank said. Fed bank presidents are chosen by

local boards and subject to approval by the Board of Governors in Washington. 

     "I have deeply appreciated Bill Dudley's enormous contributions to the

FOMC, his wise counsel and warm friendship throughout the years of the financial

crisis and its aftermath," Fed Chair Janet Yellen said in a statement. 

     "The American economy is stronger and the financial system safer because of

his many thoughtful contributions. The Federal Reserve System and the country

owe him a debt of gratitude." 

     In the announcement from the New York Fed, Dudley called his tenure at the

New York Fed "a dream job" and said he was "extremely proud of the work we have

done in New York, 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." 

     The New York Fed president plays a powerful role on the rate-setting

Federal Open Market Committee. He votes at every FOMC meeting and oversees the

implementation of the Fed's monetary policy. 

--MNI Washington Bureau; +1 202-371-2121; email: jean.yung@marketnews.com

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