Statements Regarding President Dudley’s Annual Financial Disclosure

September 01, 2017

Statement by President Dudley:

“Although my failure to disclose my sister’s place of employment was inadvertent, I deeply regret this omission and am embarrassed by my failure to read these important disclosures more thoroughly. When I became aware of my mistake, I brought it to the attention of the New York Fed’s Board of Directors immediately.”

Statement by Sara Horowitz, Chair of the New York Fed’s Board of Directors:

“We felt that given Bill’s position it was appropriate for us to bring in an outside firm to conduct a thorough review. We are satisfied with the review’s findings that Bill’s failure to disclose was inadvertent and a relatively minor violation of the New York Fed’s Code of Conduct, and that he was forthcoming and genuinely contrite. Nonetheless, we expect Bill, as President and CEO, to adhere to the highest standards of compliance and are confident that he will exercise better care going forward. We do not believe any further action is warranted.”