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New York Fed President William Dudley to retire next year

Marks another leadership shuffle

Federal Reserve Bank of New York President and CEO William Dudley announced Monday that he intends to retire in mid-2018, confirming industry rumors.

The decision ends Dudley’s term about half a year early, ensuring that a successor is in place well before he leaves.

Dudley also serves as a member of the Federal Open Market Committee.

According to coverage by CNBC’s Steve Liesman, Dudley’s departure is not said to be related to the decision last week by President Donald Trump to name Fed Governor Jerome Powell as the next Fed Chairman. 

“For someone who has always had an interest in public policy and service, leading the New York Fed and being a member of the FOMC has been a dream job. I have had the honor to work at the Fed with colleagues who are amongst the most dedicated and talented public servants anywhere,” Dudley said in a statement.

Dudley joined the New York Fed in 2007 as executive vice president and head of the Markets Group. In this position, he managed the System Open Market Account for the FOMC.

Then, on Jan. 27, 2009, Dudley became the 10th president and CEO of the New York Fed, taking over the remainder of his predecessor’s term.

Dudley was appointed for his first full term as president and CEO in 2011 and reappointed in 2016. He reaches the 10-year policy-limit in the role in January 2019.

“I am 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,” said Dudley. “I have every confidence in the institution, its leadership and staff, and know that well after I leave, the New York Fed, as a critical part of the Federal Reserve System, will continue to contribute strongly to the nation’s well-being.”

Dudley’s early retirement comes after a long string of leadership changes at the Federal Reserve.

Most notably, President Donald Trump nominated Federal Reserve Governor Jerome Powell as the next Federal Reserve Chair at the beginning of November. Powell will begin his four-year term once current Chair Janet Yellen’s term is up in February 2018.

This is on top of Randal Quarles taking over as the Fed’s vice chairman of supervision, a position previously held by Daniel Tarullo, who unexpectedly stepped down as a Fed Governor earlier this year.

And then back in October, Fed Vice Chair Stanley Fischer retired for “personal reasons.” Fischer’s term as vice chair was not due to expire until June 12, 2018. His term as a Fed governor was not set to expire until Jan. 31, 2020.

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