A revamping of the Federal Reserve's leadership is widening with the announcement Monday that William Dudley, president of the New York Fed and the No. Just last week, President Donald Trump chose Fed board member Jerome Powell to replace Janet Yellen as Fed chair in February. Unlike the New York Fed president, the other regional bank presidents vote on a rotating basis. The New York Fed president also serves as vice chairman of the rate-setting panel. The New York Fed said a search committee had been formed to choose a successor to Dudley, who joined the New York Fed in 2007 after more than two decades at Goldman Sachs.

Source: ABC News November 06, 2017 13:26 UTC