Press Release
New York Fed Names William Dudley Executive Vice President
November 29, 2006

New York – William C. Dudley, 53, has been named executive vice president of the Federal Reserve Bank of New York and head of the Bank’s Markets Group. Mr. Dudley succeeds Dino Kos, who announced this month his intention to step down effective January 1, 2007. Mr. Dudley’s appointment was made by the Bank’s board of directors and is effective January 1, 2007.

Mr. Dudley is currently an advisory director of Goldman, Sachs & Company. He is the editor of the global economics paper series and serves as a consultant to the Economic Research Group and is co-chair of the Retirement Committee, which oversees the firm’s 401(K) and pension fund assets. Before 2006, he was the chief U.S. economist for a decade and a managing director since 1996. Earlier in his career at Goldman Sachs, he had a variety of roles including a stint when he was responsible for the firm’s foreign exchange forecasts. Prior to joining Goldman Sachs in 1986, he was a vice president at the former Morgan Guaranty Trust Company. Mr. Dudley was an economist at the Federal Reserve Board from 1981 to 1983.

He is currently a member of the Economic Advisory Committee to the New York Fed and was a member of the Technical Consultants Group to the Congressional Budget Office, 1999-2005.

Mr. Dudley received his Ph.D. in economics from the University of California, Berkeley in 1982 and a B.A. from New College, Sarasota, Florida, in 1974.

Mr. Dudley and his wife, Ann E. Darby, reside in Cranford, New Jersey.

November 8, 2006 - Head of Markets Group to Leave New York Fed

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