New College Alum William Dudley Named New York Fed Chief

William C. Dudley became the 10th president and chief executive officer of the Federal Reserve Bank of New York on January 27, 2009. In that capacity, he serves as the vice chairman and a permanent member of the Federal Open Market Committee, the group responsible for formulating the nation’s monetary policy. Dudley also will be in charge of carrying out the Fed’s market operations to implement its policy decisions.

Dudley attended New College of Florida from 1971 to 1974 majoring in economics and graduated from New College in 1974 with a Bachelor of Arts Degree. He received his doctorate in economics from the University of California, Berkeley in 1982.

Dudley previously served as executive vice president of the Markets Group at the New York Fed, where he also managed the System Open Market Account for the Federal Open Market Committee. The Markets Group oversees domestic open market and foreign exchange trading operations and the provisions of account services to foreign central banks. He replaces Timothy Geithner, who was sworn in Monday as President Barack Obama’s Treasury secretary.

“The New York Fed, standing at the critical intersection of the financial markets and the banking system, has a leading role to play in assisting in the reform of the architecture of the U.S. and global financial system and to ensure that was has transpired over the past year can
never occur again,” Dudley said in a statement to the Associated Press.

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