Saturday, January 17, 2009

Dudley Favorite to Be New NY Fed chief

William Dudley, who runs the markets desk at the Federal Reserve Bank of New York, is the likely front-runner to become next president of the bank, The Wall Street Journal reported.

Citing people familiar with the search, the newspaper said another leading candidate for the job, Fed governor Kevin Warsh, withdrew from the race.

New York Fed board members interviewed several candidates for the job last Saturday and have met again this week, said the report on the Journal's web site.

Once they make a final choice, the Federal Reserve Board in Washington needs to sign off on the decision, which it is expected to do quickly. The process has been slowed by the uncertain status of outgoing New York Fed president, Timothy Geithner.

Geithner has been tapped by president-elect Obama to take over the U.S. Treasury, but his confirmation, thought to be straight-forward, has been complicated by revelations he failed to pay taxes and also that working papers for his housekeeper were not in order.

Sources: The Wall Street Journal, Reuters

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