New York Fed names John Williams as next president

Updated 2018-04-04 10:14:03 Xinhua

The Federal Reserve Bank of New York on Tuesday announced that John Williams will be the next president of the bank, whose nomination has been approved by the Fed's Board of Governors in Washington.

Williams, currently serving as the president of the Federal Reserve Bank of San Francisco, will replace William Dudley as New York Fed president from June 18, said the New York Fed in a statement.

As head of the New York Fed, Williams will serve as the vice chairman and a permanent member of the Federal Open Market Committee (FOMC), the monetary policy setting group of the Federal Reserve.

He is considered a centrist on monetary policy and recently said that he favors the consensus that the central bank would increase interest rates three or four times this year.

Williams is widely seen as an influential voice on the FOMC and was a strong advocate for policies to stimulate the economy and get Americans back to work in the wake of the Great Recession, said the statement.

"John is a dedicated public servant, a distinguished thought-leader in monetary policymaking, and a proven executive and public communicator," said Fed chair Jerome Powell in the statement.

"I have valued his insight and wise counsel during my years at the Federal Reserve and look forward to continuing to work with him in the years ahead," said Powell.

Williams became president of the San Francisco Fed in March 2011, succeeding former Federal Reserve Chair Janet Yellen. Prior to this, Williams was the executive vice president and director of research for the San Francisco Fed, which he joined in 2002.

Williams' new role at the New York Fed indicates significant turnover at the Fed's leadership. The Fed's seven-member board of governors now has four vacancies, including a vice chairman position.

Williams's appointment doesn't need Senate approval. Presidents of the Fed's 12 regional banks are chosen by local boards, and the Fed board in Washington approves the nomination.

As Williams moves to head the New York Fed, Mark Gould, first vice president of the San Francisco Fed, will serve as interim president of the bank and represent the bank at the FOMC, said the San Francisco Fed in a statement on Tuesday.

The bank said that a search committee is being formed to seek a new president for the bank.

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