New York Fed chief Bill Dudley to retire

Emma Haslett
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New York Federal Reserve President William Dudley Appears On FOX Business Network
Bill Dudley will step down in the middle of next year (Source: Getty)

Bill Dudley, the influential chair of New York's Federal Reserve, will retire next year, it said today.

Dudley, who is also on the board of the US Federal Reserve's policy-making Federal Open Markets Committee (FOMC), will step down in the middle of next year, "well before" his term is due to end in 2019.

Dudley began his role at the beginning of 2009, during the depths of the financial crisis.

Janet Yellen, the Fed's outgoing chair, said she "deeply appreciated" Dudley's contributions.

“The American economy is stronger and the financial system safer because of his many thoughtful contributions. The Federal Reserve System and the country owe him a debt of gratitude.”

“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," added Dudley.

"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 normalising the balance sheet to our work on reforming the culture of the financial services industry.

"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.”

Last week Donald Trump named Fed governor Jerome Powell as Yellen's successor as chair of the US Federal Reserve.

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