NEW YORK—The Federal Reserve Bank of New York today announced the reappointment of William C. Dudley and Michael Strine as president and first vice president of the Bank, respectively. Eligible members of the Bank’s board of directors voted unanimously to reappoint Mr. Dudley and Mr. Strine, and the Board of Governors of the Federal Reserve approved that decision. Their new five-year terms begin March 1, 2016.
Class A directors, who are drawn from the banking sector, and Class B directors affiliated with certain types of financial institutions are prohibited from participating in the reappointment process. In deciding to reappoint Mr. Dudley and Mr. Strine, the eligible Class B and Class C directors—Emily K. Rafferty, Sara Horowitz, Marc Tessier-Lavigne, David M. Cote and Glenn H. Hutchins—acted upon the recommendation of a special standing committee that they established in late September 2015 pursuant to the Bank’s by-laws.
The committee, composed of Ms. Rafferty, Mr. Hutchins and Mr. Cote, thoroughly reviewed the president’s and first vice president’s performance against the requirements of their respective positions, taking into account the views of Mr. Dudley’s and Mr. Strine’s peers and subordinates, the Bank’s strategic plan, and Mr. Dudley’s and Mr. Strine’s own self-assessments and future objectives for the Bank. For Mr. Dudley, the committee also solicited feedback from representatives of several of the Bank’s constituencies throughout the Second District, including academia, community and economic development, small business and industry. Further, the directors’ frequent interaction with businesses and community organizations helps them understand how the Bank’s president is perceived in the region. For Mr. Strine, the committee also relied on the board of directors’ extensive prior work leading to the selection of Mr. Strine as first vice president in 2015.
“Bill has been a thoughtful steward of the New York Fed and a powerful advocate in support of the Bank’s mission,” said Ms. Rafferty, chair of the Board. “Under Bill’s leadership, long term strategic and budget planning have been materially enhanced and his focus on succession planning has yielded strong results. Further, Mr. Dudley has shown a deep and genuine commitment to the communities in our district through his and the Bank’s outreach and engagement efforts,” she added.
“In his tenure as EVP and more recently as FVP, Michael has proven to be a strong leader with well-developed strategic planning and budgeting skills who has made significant progress in implementing our vision for the institution,” said Mr. Hutchins.
William C. Dudley became the 10th president and chief executive officer of the Federal Reserve Bank of New York on January 27, 2009 and was appointed to his first full-term in 2011. Previously, Mr. Dudley served as executive vice president of the Markets Group at the New York Fed, where he also managed the System Open Market Account for the FOMC. Prior to joining the Bank in 2007, Mr. Dudley was a partner and managing director at Goldman, Sachs & Company and was the firm's chief U.S. economist for a decade. Mr. Dudley received his doctorate in economics from the University of California, Berkeley in 1982 and a bachelor's degree from New College of Florida in 1974.
Michael Strine was appointed first vice president of the Federal Reserve Bank of New York in July of 2015. Prior to that, Mr. Strine was executive vice president and head of the Bank’s Corporate Group. Before joining the New York Fed in 2013, he served as executive vice president and chief operating officer at the University of Virginia. Prior to his tenure at University of Virginia, Mr. Strine served as vice president, chief financial officer and treasurer for Johns Hopkins University. Mr. Strine earned his doctorate and master's degree from Johns Hopkins University in political science, and completed graduate studies at the University of Delaware in public administration and budgeting.
For more information on the reappointment process: http://www.federalreserve.gov/faqs/what-is-the-process-for-reappointing-reserve-bank-presidents.htm
For more information about the New York Fed’s Board of Directors: https://www.newyorkfed.org/aboutthefed/org_nydirectors.html