The search for a new president of the Federal Reserve Bank of New York has “narrowed” to less than 15 candidates, officials said Friday.
The bank’s Presidential Search Committee is seeking a successor to William C. Dudley, who announced in November that he would retire by midyear.
“In late January, we began meeting with candidates one-on-one and as a committee,” search committee chiefs Sara Horowitz and Glenn Hutchins said in a statement. “Based on those meetings and after a small number of candidates opted out of the process, we further narrowed the list to a handful of final candidates, who we are pleased to say are eminently qualified.”
Dudley is considered New York’s most powerful banker because of his position as vice chairman of the Federal Reserve System’s interest-rate setting Federal Open Market Committee. The New York Fed also regulates the nation’s largest banks and other financial institutions.
He joined the bank in 2007 from the Goldman Sachs investment bank and was named New York Fed president in January 2009.
Dudley has been closely aligned with former Fed chairs Janet Yellen and Ben Bernanke. He also played a leading role in the Fed’s response to the 2007-09 financial crisis and endorsed the subsequent Dodd-Frank Act, which Congress and President Donald Trump now are trying to dismantle.
Dudley, 65, lives in suburban New Jersey and has a keen interest in mass transit, affordable housing and other issues of concern to Long Islanders.
The New York Fed serves a territory that includes New York State, Puerto Rico, the U.S.Virgin Islands, northern New Jersey and western Connecticut.