FEDERAL RESERVE/NEW YORK: “Help Wanted: A senior executive with a keen knowledge of markets and economics, but who isn’t too close to Wall Street because he or she will be responsible for regulating some of the world’s biggest banks.
This is the balancing act facing a newly formed search committee for the next president of the Federal Reserve Bank of New York following the announcement Monday [11-6-17] that the current leader, William Dudley, will step down in mid-2018, several months before his term expires in January 2019…
The new president would take over an institution more intensely scrutinized since the financial crisis, and criticized by some lawmakers and others as a lax supervisor before the turmoil and too slow to get tough afterward.
The search for Mr. Dudley’s successor adds to an extraordinary degree of churn in the central bank’s top ranks. President Donald Trump last week nominated Fed governor Jerome Powell to succeed Fed Chairwoman Janet Yellen when her term expires next February. Last month, Fed Vice Chairman Stanley Fischer stepped down from his post. Mr. Trump has three open seats to fill on the board and could have a fourth if Ms. Yellen decides to leave after her term as chairwoman ends.”
-Nick Timiraos, “Tricky Balancing Act Faces New York Fed Search Committee,” The Wall Street Journal online, Nov. 7, 2017 10:45am