Fed announces Dudley mid-2018 retirement

• November 6, 2017
• realestate
• Announcements, Business & Markets, Real Estate, Real Estate Finance

Federal Reserve Bank of New York President William Dudley will retire next year, around six months earlier than scheduled, the Fed’s regional New York bank confirmed Monday in a statement. A search for Dudley’s successor will start with an eye toward the finding one in mid-2018. Dudley’s term ends in January of 2019 when he reaches a 10-year policy limit in the role, a release from the FBoNY said. “I have deeply appreciated Bill Dudley’s enormous contributions to the [Federal Open Market Committee], his wise counsel and warm friendship throughout the years of the financial crisis and its aftermath,” said Fed Chairwoman Janet Yellen in the Moonday statement. “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.” The announcement comes after President Donald Trump last week nominated Fed. Gov. Jerome Powell to replace Yellen when her term as head of the U.S. central bank ends in February. Powell’s policy stance is considered to be mostly aligned with his would-be predecessor. Dudley’s retirement is believed to be unrelated to Yellen’s expected departure from the Fed.