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     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
     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: