Mr. Whalen said Mr. Dudley, more than any other Fed leader, was justified in arguing to keep a tight rein on banking activities. “The Fed became a broker dealer overnight, and he had to oversee that.”Advertisement Continue reading the main storyMr. Dudley worked at Goldman Sachs for 20 years before joining the New York Fed in 2007. By law, Mr. Dudley would have to step down as president of the New York Fed by January 2019, as that would have been 10 consecutive years in the job. Unlike the Fed chairman, regional Fed presidents such as Mr. Dudley are not chosen by the president. Mr. Dudley called his time at the New York Fed “a dream job” in a statement on Monday, and he said he had “every confidence in the institution.”

Source: New York Times November 06, 2017 14:37 UTC