Former NY Fed President Bill Dudley Reflects on A Career of Humility and Vision
Mr. Bill Dudley succeeded Tim Geithner as the New York Fed’s president in 2009 after the financial crisis. He has since then become a forceful advocate for cultural change at large financial institutions and argued for keeping a tight rein on banking activities. Mr. Dudley retired from the position after a 10-year term but still actively voices his opinions on the financial sector and will be teaching in Princeton this upcoming fall.
In this long conversation, Mr. Dudley talks about his early career after completing an economics Ph.D. in UC Berkeley, a mission-focusing approach to financial regulations, thoughts on the risks of recession and the next big crisis, and the toughest moment in his career among many other topics.
A few punchlines?
Unlikely to have a recession soon. Banking sector is very healthy. Beware of cyber risks. Live a frugal life.
William C. Dudley became the 10th president and chief executive officer of the Federal Reserve Bank of New York on January 27, 2009. In that capacity, he served as the vice chairman and a permanent member of the Federal Open Market Committee (FOMC), the group responsible for formulating the nation's monetary policy.
Previously, Mr. Dudley served as executive vice president of the Markets Group at the New York Fed, where he also managed the System Open Market Account for the FOMC. The Markets Group oversees domestic open market and foreign exchange trading operations and the provisions of account services to foreign central banks.
Prior to joining the Bank in 2007, Mr. Dudley was a partner and managing director at Goldman, Sachs & Company and was the firm's chief U.S. economist for a decade. Prior to joining Goldman Sachs in 1986, he was a vice president at the former Morgan Guaranty Trust Company. Mr. Dudley was an economist at the Federal Reserve Board from 1981 to 1983.
Mr. Dudley received his doctorate in economics from the University of California, Berkeley in 1982 and a bachelor's degree from New College of Florida in 1974.
In 2012, Mr. Dudley was appointed chairman of the Committee on the Global Financial System of the Bank for International Settlements (BIS). Previously, Mr. Dudley served as chairman of the former Committee on Payment and Settlement Systems of the BIS from 2009 to 2012. He was a member of the board of directors of the BIS.