William C. Dudley: Difference between revisions

Bill Dudley
Bill Dudley
10th President of the Federal Reserve Bank of New York
	In office; January 27, 2009 – June 18, 2018
Preceded by	Tim Geithner
Succeeded by	John Williams
Personal details
Born	1953 (age 70–71)
Spouse	Ann Darby
Education	New College, Florida (BA); University of California, Berkeley (MA, PhD)

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William C. Dudley (born 1953)^[1] is an American economist who served as the president of Federal Reserve Bank of New York from 2009 to 2018 and as 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.

Early life and education

Dudley attended the Williston Northampton School in Easthampton, Massachusetts. He spent his freshman year at Columbia University and subsequently 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]^[5]

Career

Dudley worked at Goldman Sachs from 1986 to 2007 where he held the position of chief U.S. economist. In 2007 he was hired by then-president of the New York Federal Reserve Timothy Geithner to oversee the Markets Group, the department in charge of executing monetary policy on behalf of the Federal Open Market Committee.^[6]^[7] When Timothy Geithner became the Secretary of Treasury in 2009, Dudley became the 10th President of the Federal Reserve Bank of New York.

In 2019, Dudley joined the Griswold Center for Economic Policy Studies at Princeton University as a senior research scholar. He is currently the Chair of the Bretton Woods Committee. He is a member of the Group of Thirty and the Council on Foreign Relations. He was a member of the Bank for International Settlements Board of Directors from 2009 to 2018 and chaired the BIS Committee on Payment and Settlement Systems (2009-2012) and the Committee on the Global Financial System (2012-2018).

Dudley worked closely with Chairman Bernanke, Chair Yellen, and Chairman Powell as Vice-Chairman of the FOMC during 2009–2018.

Economic views

Dudley pioneered the importance of financial conditions in assessing the appropriate stance of monetary policy. He also led an effort by the NY Fed to highlight the importance of improving culture and conduct in the financial services industry.^[8] He has stressed the importance of incentives. Incentives drive conduct and behavior and this helps establish the social norms that define culture.

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.^[9]

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".^[10]

When asked about the drop in the stock market on February 8, 2018, Dudley said, "So far, I'd say this is small potatoes."^[11]

In December 2020, Dudley noted that an inflation scare was likely. Base effects and supply chain disruptions were likely to push inflation well above 2%. Dudley also highlighted the flaws in the Fed’s new long-term monetary framework, pointing out that how the Fed operationalized its new 2% average inflation targeting regime meant that it would be slow to tighten monetary policy. The likely result would be the Fed forced to respond more aggressively later, resulting in higher short-term rates and, ultimately, a greater risk of a hard landing and recession.

He led the Group of Thirty team that published: Bank Failures and Contagion: Lender of Last Resort, Liquidity and Risk Management (January 2024). He also was the author of the Bretton Woods Committee report: A Dual Strategy to Transform Cross-Border Payments (December 2024). In addition, he has been a Bloomberg opinion columnist since 2019.

Personal

Together with his wife Ann, Dudley has been a resident of Cranford, New Jersey, where his wife has been an active community volunteer.^[12]

References

^ Who's Who In America - 2010 (64th ed.). Marquis Who's Who. 2009.
^ "New York Fed Names William C. Dudley President". 2009-01-27. Retrieved 2009-01-27.
^ ^a ^b "William C. Dudley". Federal Reserve Bank. January 2009. Retrieved 2009-01-27.
^ Kristina Cooke (2009-01-27). "Dudley to succeed Geithner to head New York Fed". Reuters. Archived from the original on July 31, 2012. Retrieved 2009-01-27.
^ "William C. Dudley | Federal Reserve History". www.federalreservehistory.org. Retrieved 2021-06-23.
^ Neil Irwin (2009-01-27). "Dudley Will Replace Geithner at New York Fed". Washington Post. Retrieved 2009-01-27.
^ Creswell, Julie and Ben White (2008-10-19). "The Guys From 'Government Sachs'". New York Times. pp. BU1.
^ Eavis, Peter (18 June 2018). "New York Fed Will Remain Focused on Bankers' Ethics". Dealbook. Retrieved 4 April 2019.
^ William C. Dudley (2002-07-22). "Economic beat: Bubble trouble for the Federal Reserve". 82 (29). Barron's: 26. {{cite journal}}: Cite journal requires |journal= (help)
^ "'I Can't Eat an iPad'". The Wall Street Journal. March 15, 2011. Retrieved May 26, 2013.
^ "'Fed's Dudley says drop in stocks is 'small potatoes''". MarketWatch. February 9, 2018. Retrieved February 9, 2018.
^ "Cranford resident appointed president and CEO of the NY Federal Reserve", NJ.com, February 4, 2009. Accessed September 19, 2019. "William C. Dudley, a Cranford resident, has been appointed to serve as the president and chief executive officer of the Federal Reserve Bank of New York... An active volunteer in the township, Darby was a Township Commissioner from 2003 to 2005.."

@@ Line 1: / Line 1: @@
+{{short description|American banker}}
-{{Infobox Officeholder
+{{Infobox officeholder
-|name         = William C. Dudley
-|image        = William C. Dudley.jpg
+|name        = Bill Dudley
+|image       = William C. Dudley.jpg
-|imagesize    = 153px
+|office      = 10th [[List of presidents of the Federal Reserve Bank of New York|President of the Federal Reserve Bank of New York]]
-|order        = 10th
+|term_start  = January 27, 2009
-|office       = President of the Federal Reserve Bank of New York
-|term_start   = January 27, 2009
+|term_end    = June 18, 2018
+|predecessor = [[Tim Geithner]]
-|president    =
+|successor   = [[John C. Williams (economist)|John Williams]]
-|predecessor  = [[Timothy F. Geithner]]
-|birth_date   = {{birth year and age|1952}}
+|birth_date  = {{birth year and age|1953}}
-|birth_place  =
+|birth_place =
-|death_date   =
+|death_date  =
-|death_place  =
+|death_place =
-|party        =
+|party       =
-|spouse       = Ann E. Darby
+|spouse      = Ann Darby
+|education   = [[New College of Florida|New College, Florida]] {{small|([[Bachelor of Arts|BA]])}}<br>[[University of California, Berkeley]] {{small|([[Master of Arts|MA]], [[Doctor of Philosophy|PhD]])}}
-|children     =
-|alma_mater   = [[New College of Florida]],<br>[[University of California, Berkeley]]
-|occupation   = [[Economist]]
 }}
+'''William C. Dudley''' (born 1953)<ref name=who>{{cite book |title=Who's Who In America - 2010 |year=2009 | edition=64th |publisher=[[Marquis Who's Who]]}}</ref> is an American economist who served as the president of [[Federal Reserve Bank of New York]] from 2009 to 2018 and as vice-chairman of the [[Federal Open Market Committee]].<ref name=fedannounc>{{cite web|url=http://www.newyorkfed.org/newsevents/news/aboutthefed/2009/oa090127.html |title=New York Fed Names William C. Dudley President |date=2009-01-27 |accessdate=2009-01-27}}</ref><ref name=nyfed>{{cite web |url=http://www.newyorkfed.org/aboutthefed/orgchart/dudley.html |title=William C. Dudley |publisher=[[Federal Reserve Bank]] |date=January 2009 |accessdate=2009-01-27}}</ref> 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]].
+==Early life and education==
-'''William C. Dudley''' (born 1952)<ref name=who>{{cite book |title=Who's Who In America - 2010 |year=2009 | edition=64th |accessdate=2009-12-31 |publisher=[[Marquis Who's Who]]}}</ref> is the president of [[Federal Reserve Bank of New York]] and vice-chairman of the [[Federal Open Market Committee]].<ref name=fedannounc>{{cite web|url=http://www.newyorkfed.org/newsevents/news/aboutthefed/2009/oa090127.html |title=New York Fed Names William C. Dudley President |date=2009-01-27 |accessdate=2009-01-27}}</ref><ref name=nyfed>{{cite web |url=http://www.newyorkfed.org/aboutthefed/orgchart/dudley.html |title=William C. Dudley |publisher=[[Federal Reserve Bank]] |date=January 2009 |accessdate=2009-01-27}}</ref> 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]].
+Dudley attended the [[Williston Northampton School]] in Easthampton, Massachusetts. He spent his freshman year at [[Columbia University]] and subsequently earned a [[Bachelor of Arts|B.A.]] degree from [[New College of Florida]] in 1974, and a [[Doctor of Philosophy|PhD]] in economics from the [[University of California, Berkeley]] in 1982.<ref name=nyfed/><ref>{{cite news|url=http://uk.reuters.com/article/usPoliticsNews/idUKTRE50Q0ZV20090127?sp=true|archive-url=https://archive.today/20120731133217/http://uk.reuters.com/article/usPoliticsNews/idUKTRE50Q0ZV20090127?sp=true|url-status=dead|archive-date=July 31, 2012|title=Dudley to succeed Geithner to head New York Fed | date=2009-01-27 |accessdate=2009-01-27 |work=[[Reuters]] |author=Kristina Cooke}}</ref><ref>{{Cite web|title=William C. Dudley {{!}} Federal Reserve History|url=https://www.federalreservehistory.org/people/william-c-dudley|access-date=2021-06-23|website=www.federalreservehistory.org}}</ref>
-==Education==
-Dudley went to the Williston Northampton School in Easthampton, Massachusetts. Subsequently, Dudley earned a [[Bachelor of Arts|B.A.]] degree from [[New College of Florida]] in 1974, and a [[Doctor of Philosophy|PhD]] in economics from the [[University of California, Berkeley]] in 1982.<ref name=nyfed/><ref>{{cite web|url=http://uk.reuters.com/article/usPoliticsNews/idUKTRE50Q0ZV20090127?sp=true|title=Dudley to succeed Geithner to head New York Fed | date=2009-01-27 |accessdate=2009-01-27 |publisher=[[Reuters]] |author=Kristina Cooke}}</ref>
 ==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 F. Geithner|Timothy Geithner]] to oversee the department in charge of buying and selling government securities.<ref>{{cite web|url=https://www.washingtonpost.com/wp-dyn/content/article/2009/01/26/AR2009012602577.html |title=Dudley Will Replace Geithner at New York Fed |date=2009-01-27 |accessdate=2009-01-27 |author=Neil Irwin |publisher=[[Washington Post]]}}</ref><ref>{{cite news|title=The Guys From 'Government Sachs' |publisher=[[New York Times]] |date=2008-10-19 |pages=BU1 |author=Creswell, Julie and Ben White}}</ref>
+Dudley worked at [[Goldman Sachs]] from 1986 to 2007 where he held the position of chief U.S. economist. In 2007 he was hired by then-president of the New York Federal Reserve [[Timothy F. Geithner|Timothy Geithner]] to oversee the Markets Group, the department in charge of executing monetary policy on behalf of the Federal Open Market Committee.<ref>{{cite news|url=https://www.washingtonpost.com/wp-dyn/content/article/2009/01/26/AR2009012602577.html |title=Dudley Will Replace Geithner at New York Fed |date=2009-01-27 |accessdate=2009-01-27 |author=Neil Irwin |newspaper=[[Washington Post]]}}</ref><ref>{{cite news|title=The Guys From 'Government Sachs' |newspaper=[[New York Times]] |date=2008-10-19 |pages=BU1 |author=Creswell, Julie and Ben White}}</ref> When Timothy Geithner became the Secretary of Treasury in 2009, Dudley became the 10th President of the Federal Reserve Bank of New York.
-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.<ref name="Reddy WSJ">{{Cite news |first=Sudeep |last=Reddy |title=Local Fed Chiefs Outearn Bernanke |newspaper=[[Wall Street Journal]] |url=https://www.wsj.com/articles/SB10001424052748704792104575264743761543102 |date=May 25, 2010}}</ref>
+In 2019, Dudley joined the Griswold Center for Economic Policy Studies at Princeton University as a senior research scholar.  He is currently the Chair of the Bretton Woods Committee.  He is a member of the [[Group of Thirty]] and the [[Council on Foreign Relations]]. He was a member of the Bank for International Settlements Board of Directors from 2009 to 2018 and chaired the BIS [[Committee on Payment and Settlement Systems]] (2009-2012) and the [[Committee on the Global Financial System]] (2012-2018).
-He is a member in the [[Group of Thirty]].
+Dudley worked closely with Chairman Bernanke, Chair Yellen, and Chairman Powell as Vice-Chairman of the FOMC during 2009–2018.
 ==Economic views==
+Dudley pioneered the importance of financial conditions in assessing the appropriate stance of monetary policy.  He also led an effort by the NY Fed to highlight the importance of improving culture and conduct in the financial services industry.<ref>{{cite web|url=https://www.nytimes.com/2018/06/18/business/dealbook/new-york-fed-ethics.html|title=New York Fed Will Remain Focused on Bankers' Ethics|last=Eavis|first=Peter|date=18 June 2018|website=Dealbook|access-date=4 April 2019}}</ref>  He has stressed the importance of incentives.  Incentives drive conduct and behavior and this helps establish the social norms that define culture.
-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 [[Dot-com bubble|began in 2000]].<ref>{{cite journal|title=Economic beat: Bubble trouble for the Federal Reserve |publisher=[[Barron's Magazine|Barron's]] |date=2002-07-22 |accessdate=2009-01-27 |author=William C. Dudley |volume=82 |issue=29 |pages=26}}</ref>
+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 [[Dot-com bubble|began in 2000]].<ref>{{cite journal|title=Economic beat: Bubble trouble for the Federal Reserve |publisher=[[Barron's Magazine|Barron's]] |date=2002-07-22 |author=William C. Dudley |volume=82 |issue=29 |pages=26}}</ref>
 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".<ref>{{Cite news|title={{-'}}I Can't Eat an iPad{{'-}}|url=https://www.wsj.com/articles/SB10001424052748704893604576199113452719274|date=March 15, 2011|work=[[The Wall Street Journal]]|accessdate=May 26, 2013}}</ref>
+When asked about the drop in the stock market on February 8, 2018, Dudley said, "So far, I'd say this is small potatoes."<ref>{{Cite news|title={{-'}}Fed's Dudley says drop in stocks is 'small potatoes'{{'-}}|url=https://www.marketwatch.com/story/feds-dudley-says-drop-in-stocks-is-small-potatoes-2018-02-08?mg=prod/accounts-mw|date=February 9, 2018|work=[[MarketWatch]]|accessdate=February 9, 2018}}</ref>
+In December 2020, Dudley noted that an inflation scare was likely. Base effects and supply chain disruptions were likely to push inflation well above 2%.  Dudley also highlighted the flaws in the Fed’s new long-term monetary framework, pointing out that how the Fed operationalized its new 2% average inflation targeting regime meant that it would be slow to tighten monetary policy.  The likely result would be the Fed forced to respond more aggressively later, resulting in higher short-term rates and, ultimately, a greater risk of a hard landing and recession.
+He led the Group of Thirty team that published:  Bank Failures and Contagion: Lender of Last Resort, Liquidity and Risk Management (January 2024).  He also was the author of the Bretton Woods Committee report:  A Dual Strategy to Transform Cross-Border Payments (December 2024).  In addition, he has been a Bloomberg opinion columnist since 2019.
+==Personal==
+Together with his wife Ann, Dudley has been a resident of [[Cranford, New Jersey]], where his wife has been an active community volunteer.<ref>[https://www.nj.com/cranford/2009/02/cranford_resident_appointed_pr.html "Cranford resident appointed president and CEO of the NY Federal Reserve"], [[NJ.com]], February 4, 2009. Accessed September 19, 2019. "William C. Dudley, a Cranford resident, has been appointed to serve as the president and chief executive officer of the Federal Reserve Bank of New York... An active volunteer in the township, Darby was a Township Commissioner from 2003 to 2005.."</ref>
 ==References==
@@ Line 42: / Line 52: @@
 {{s-start}}
-{{s-civ}}
+{{s-other}}
+{{s-bef|before=[[Tim Geithner]]}}
-{{Succession box
+{{s-ttl|title=[[List of presidents of the Federal Reserve Bank of New York|President of the Federal Reserve Bank of New York]]|years=2009–2018}}
-|before = [[Timothy F. Geithner]]
+{{s-aft|after=[[John C. Williams (economist)|John Williams]]}}
-|title  = [[List of Presidents of the Federal Reserve Bank of New York|President of the Federal Reserve Bank of New York]]
+{{s-end}}
-|after  = incumbent
-|years  = 2009–present }}
-{{end}}
-{{NYFedBank}}
-{{BGFRS}}
+{{NYFedBank |state=collapsed}}
 {{Authority control}}
 {{DEFAULTSORT:Dudley, William C.}}
-[[Category:Articles with inconsistent citation formats]]
 [[Category:1952 births]]
-[[Category:Living people]]
+[[Category:21st-century American economists]]
-[[Category:American economists]]
+[[Category:Economists from New York (state)]]
 [[Category:Federal Reserve Bank of New York presidents]]
 [[Category:Goldman Sachs people]]
 [[Category:Group of Thirty]]
+[[Category:Living people]]
 [[Category:New College of Florida alumni]]
+[[Category:People from Cranford, New Jersey]]
 [[Category:University of California, Berkeley alumni]]
+[[Category:Williston Northampton School alumni]]
+[[Category:Columbia University alumni]]

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