John C. Williams is chosen as the next President of the Federal Reserve Bank of New York. This was announced by the bank on Tuesday.
Williams is the President of the San Francisco Federal Reserve Bank. The 55-year-old is a respected economist and can bring his academic expertise into practice. The selection of Williams attracted criticism from the Democratic lawmakers, unions and progressive groups. They were all posing for her non-Fed to take up the senior leadership.
William C. Dudley is the current President of the New York Federal Reserve Bank. He has announced last fall that he wanted to step down from this post after serving the New York Fed for 9 years. John Williams will take up the post as the President of New York Fed in June.
The President gets to appoint the Chairman and other Board of governors’ members of the Fed. The New York president will serve as the Open Market Committee’s vice chairman. He will also be having a permanent vote on this committee’s policymaking. This is not the case for the other regional fed chief’s.
Senator Elizabeth Warren, Democrat of Massachusetts, feels that instead of handing over the process of electing the president to a few private individuals, they should have solicited the views expressed widely.