William C. Dudley

William C. Dudley
10th President of the Federal Reserve Bank of New York
Incumbent
Assumed office January 27, 2009
Preceded by	Timothy F. Geithner
Personal details
Born	1952 (age 63–64)
Spouse(s)	Ann E. Darby
Alma mater	New College of Florida, University of California, Berkeley
Occupation	Economist

William C. Dudley (born 1952)^[1] is the president of Federal Reserve Bank of New York and 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 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]

References

1. Who's Who In America - 2010 (64th ed.). Marquis Who's Who. 2009.
2. "New York Fed Names William C. Dudley President". 2009-01-27. Retrieved 2009-01-27.
3. "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.

Further reading

• Dudley Brings Crisis Experience to New York Fed Job, Bloomberg, 27 Jan 2009.