William C. Dudley William C. Dudley became the tenth President and Chief Executive Officer of the Federal Reserve Bank of New York on January 27, 2009. As President of the New York Fed, he also serves as the Vice Chairman and a permanent member of the Federal Open Market Committee (FOMC), the group responsible for formulating the nation’s monetary policy.
Mr. Dudley’s distinguished career in both the public and private sectors includes over twenty years at Goldman Sachs, where he became a Partner and Managing Director and also served as Chief U.S. Economist. In 2007, Mr. Dudley was appointed Executive Vice President of the Markets Group at the Federal Reserve Bank of New York, where he managed the System Open Market Account for the FOMC. As such, he was responsible for the implementation of monetary policy, as well as being ultimately involved with the design and execution of the Federal Reserve’s response to the recent financial market crisis. This position followed an illustrious twenty year career at Goldman Sachs beginning in 1986, where, in addition to becoming a Partner and Managing Director (1996), he served for ten years as Chief U.S. Economist and Senior Foreign Exchange Economist. Mr. Dudley was responsible for economic and interest rate forecasts for the United States and Canada and for evaluating the foreign exchange outlook. Mr. Dudley was a member of both the technical consultant’s board to the Congressional Budget Office and the Economics Advisory Panel to the Federal Reserve Bank of New York. During 1994-95, Mr. Dudley was also a Senior Economic Adviser to Robert Rubin. Prior to joining Goldman Sachs, Mr. Dudley was Vice President in charge of regulatory analysis at J.P. Morgan. He was a co-author and editor of the Morgan Treatise on “Rethinking Glass-Steagall”. After receiving a Ph.D. in economics from the University of California at Berkeley in 1982, Mr. Dudley worked as an economist in the Financial Studies Section of the Federal Reserve Board in Washington, D. C. Mr. Dudley has appeared on CNN and the Nightly Business Report and is frequently quoted in business publications including the Economist, the New York Times, the Wall Street Journal and the Financial Times. He has written extensively on monetary and fiscal policy, bank regulation, Social Security reform, equity market valuation, treasury inflation-protected securities, and determinants of foreign exchange rates, among many other topics. |
