The labor and progressive groups of the Federal Reserve Bank of New York were looking for an important economic policy appointment once its President William C. Dudley announced his plans to set down. The request did not find any favor from the American president Donald Trump.
They came up with a list of demands. They wanted a tough regulator to take up the job of the President of New York’s Federal Reserve. The candidate should always look to promote employment and should know the New York region well. They wanted to carry out an open search for the President so that the public can have a say in his appointment.
But, the New York Fed had other plans. There are reports that they could be appointing John C Williams as the next President.
Williams is 55 years old and is the President of San Francisco Fed. He does not have any connection with New York and also has very little experience with regulations.
This decision has not gone well with some of the New York Fed groups. The president of Better Markets, Dennis M Kelleher, said that the Fed does not know what is important and what is taking place in the country.