William C. Dudley

Bill Dudley
10th President of the Federal Reserve Bank of New York
In office
January 27, 2009 – June 18, 2018
Preceded by Tim Geithner
Succeeded by John Williams
Personal details
Born 1952 (age 65–66)
Spouse(s) Ann Darby
Education New College, Florida (BA)
University of California, Berkeley (MA, PhD)

William C. Dudley (born 1952)[1] is an American economist who served as the president of Federal Reserve Bank of New York from 2009-2018 and as vice-chairman of the Federal Open Market Committee.[2][3] He was appointed to the position on January 27, 2009, following the confirmation of his predecessor, Timothy F. Geithner, as United States Secretary of the Treasury.

Education

Dudley went to the Williston Northampton School in Easthampton, Massachusetts. Subsequently, Dudley earned a B.A. degree from New College of Florida in 1974, and a PhD in economics from the University of California, Berkeley in 1982.[3][4]

Career

Dudley worked at Goldman Sachs from 1986 to 2007, holding the position of chief economist for ten years before he was hired by then-president of the New York Federal Reserve Timothy Geithner to oversee the department in charge of buying and selling government securities.[5][6] According to salary figures released in 2010, Dudley is paid "more than $410,000 per year", making him one of the two highest-paid of the twelve presidents of the Federal Reserve Banks.[7]

He is a member in the Group of Thirty.

Economic views

In 2002, Dudley wrote the Federal Reserve should have "tightened policy earlier and more aggressively during the 1996-1999 period", with the hope that the downward forces would not have been so intense after the collapse of the stock market that began in 2000.[8]

Dudley was criticized for remarks over food inflation in 2011 when he argued that you have to look at all prices when looking at inflation. He noted that some prices like the iPad were effectively falling as the next generation was twice as powerful at the same price. A member of the crowd shouted "I can't eat an iPad".[9]

When asked about the drop in the stock market on February 8, 2018, Dudley said, "So far, I'd say this is small potatoes." [10]

References

  1. ↑ Who's Who In America - 2010 (64th ed.). Marquis Who's Who. 2009. |access-date= requires |url= (help)
  2. ↑ "New York Fed Names William C. Dudley President". 2009-01-27. Retrieved 2009-01-27.
  3. 1 2 "William C. Dudley". Federal Reserve Bank. January 2009. Retrieved 2009-01-27.
  4. ↑ Kristina Cooke (2009-01-27). "Dudley to succeed Geithner to head New York Fed". Reuters. Retrieved 2009-01-27.
  5. ↑ Neil Irwin (2009-01-27). "Dudley Will Replace Geithner at New York Fed". Washington Post. Retrieved 2009-01-27.
  6. ↑ Creswell, Julie and Ben White (2008-10-19). "The Guys From 'Government Sachs'". New York Times. pp. BU1.
  7. ↑ Reddy, Sudeep (May 25, 2010). "Local Fed Chiefs Outearn Bernanke". Wall Street Journal.
  8. ↑ William C. Dudley (2002-07-22). "Economic beat: Bubble trouble for the Federal Reserve". 82 (29). Barron's: 26.
  9. ↑ "'I Can't Eat an iPad'". The Wall Street Journal. March 15, 2011. Retrieved May 26, 2013.
  10. ↑ "'Fed's Dudley says drop in stocks is 'small potatoes''". MarketWatch. February 9, 2018. Retrieved February 9, 2018.

Further reading

Government offices
Preceded by
Tim Geithner		 President of the Federal Reserve Bank of New York
2009–2018		 Succeeded by
John Williams
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