FEDERAL RESERVE: “The Federal Reserve Bank of New York announced Monday [11-6-17] that its leader William Dudley is planning to step down early and retire in the middle of next year.
In a press release, the bank said Mr. Dudley was stepping down ahead of the end of his current term’s conclusion in January 2019 ‘to ensure that a successor is in place well before the end of his term.’
Mr. Dudley’s impending retirement had been a matter of speculation for central bank observers for a while, but many were caught off guard by the accelerated timetable. Mr. Dudley will be leaving the Fed at a time of considerable change for the institution.
President Donald Trump has nominated central bank governor Jerome Powell to replace current Chairwoman Janet Yellen early next year when her leadership term ends. Last month, Fed vice-chair Stanley Fischer resigned from the bank…
News of Mr. Dudley’s impending retirement first broke over the weekend. Speculation now moves to who will take over a key leadership role, running the part of the central bank that deals directly with Wall Street and implements monetary policy…
Economists have generally been praiseworthy of Mr. Dudley’s role on the monetary policy front, but the outgoing official has long faced criticism over his bank’s oversight over the financial industry, where it is a major regulator.”
-Michael S. Derby, “New York Fed Announces Dudley Plans to Retire in Mid-2018,” The Wall Street Journal online, Nov. 6, 2017 09:08am