New York Fed appoints Dudley chief executive

The Federal Reserve Bank of New York today named William Dudley as its president and chief executive.

He succeeds Timothy Geithner, who was sworn in as secretary of the US Treasury yesterday.

Dudley was executive vice-president of the markets group at the New York Fed. He oversaw domestic open market and foreign exchange trading operations and the provisions of account services to foreign central banks. He also worked on implementing new best practices with the buy-side community.

Dudley said, "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 US and global financial system to ensure that what has transpired over the past year can never occur again."

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