The Federal Reserve Bank of New York announced today the reappointment of William Dudley and Michael Strine as president and first vice president of the bank, respectively.

The board members voted unanimously to reappoint Dudley and Strine. The Board of Governors and the Federal Reserve approved the decision. Their new five-year terms begin March 1, 2016

In addition to looking at their past performance and peer interactions, the committee also solicited feedback for Dudley from representatives of several of the Bank’s constituencies throughout the Second District, including academia, community and economic development, small business and industry. The committee also relied on the board of directors’ extensive prior work leading to the selection of Strine as first vice president in 2015.

“Bill has been a thoughtful steward of the New York Fed and a powerful advocate in support of the Bank’s mission,” chair of the Board Rafferty said. “Under Bill’s leadership, long term strategic and budget planning have been materially enhanced and his focus on succession planning has yielded strong results.”

“Further, Mr. Dudley has shown a deep and genuine commitment to the communities in our district through his and the Bank’s outreach and engagement efforts,” she stated.

Dudley became the 10th president and chief executive officer of the Federal Reserve Bank of New York on January 27, 2009 and was appointed to his first full-term in 2011. Previously, he served as executive vice president of the Markets Group at the New York Fed. Prior to joining the Bank in 2007, Dudley was a partner and managing director at Goldman, Sachs & Company and was the firm's chief U.S. economist for a decade. Dudley received his doctorate in economics from the University of California, Berkeley in 1982 and a bachelor's degree from New College of Florida in 1974.

Strine was appointed first vice president of the Federal Reserve Bank of New York in July 2015. Prior to that, he was executive vice president and head of the Bank’s Corporate Group. Before joining the New York Fed in 2013, he served as executive vice president and chief operating officer at the University of Virginia. Prior to his tenure at University of Virginia, Strine served as vice president, chief financial officer and treasurer for Johns Hopkins University. He earned his doctorate and master's degree from Johns Hopkins University in political science, and completed graduate studies at the University of Delaware in public administration and budgeting.