New York Fed Presidential Search

On November 6, 2017, New York Fed President and CEO William C. Dudley announced his plans to retire in mid-2018. The search for his successor is underway.

Selecting a New President for the New York Fed

The responsibility for selecting a new president is held by the Class C and eligible Class B directors of the New York Fed’s Board of Directors. Those eligible directors have formed a committee to run a nationwide search to identify a broad, diverse, and highly qualified candidate pool for the next president and CEO.

Sara Horowitz

Co-Chair

Founder and Executive Director
Freelancers Union

Glenn H. Hutchins

Co-Chair

Co-Founder
North Island and Co-Founder
Silver Lake

Denise Scott

Executive Vice President Local Initiatives Support Corporation

David M. Cote

Chairman
Honeywell
International Inc.

Search Committee
The search process is expected to take six to nine months, during which time the search committee will:
  • solicit input regarding the key attributes that are important in the ideal presidential candidate from stakeholders across the New York Fed’s district and beyond;
    • stakeholders will include representatives from academia, manufacturing, community development organizations, not-for-profits, industry, small businesses, minority and women-owned businesses, and labor
    • members of the search committee will also meet with several of the New York Fed’s advisory groups, including those representing regional interests, communities and small businesses
  • identify a diverse slate of potential candidates;
  • interview a range of candidates reflecting the diversity of the qualified candidate pool; and,
  • recommend to the full Board (excluding the Class A and any ineligible Class B directors) one or more candidates for consideration for appointment as president and CEO, subject to approval by the Board of Governors of the Federal Reserve System.
The search committee has engaged Spencer Stuart, a national executive search firm, and Bridge Partners, an executive search firm with unique expertise in attracting and retaining senior, diverse executives.
Unique Roles of the New York Fed and its President

The New York Fed serves the Federal Reserve’s Second District. Although the district is geographically smaller compared with other Federal Reserve Banks, the New York Fed is the largest Reserve Bank in terms of assets and volume of activity.

The New York Fed has several unique responsibilities within the Federal Reserve System. Under the direction from the FOMC, the New York Fed executes open market operations on behalf of the Federal Reserve System and holds the resulting investments in the System Open Market Account. The New York Fed is also home to the Wholesale Product Office, which is responsible for managing three major wholesale payment and systems on behalf of the Federal Reserve System¬--the Fedwire Funds Service and Fedwire Securities Services, and the National Settlement Service. Collectively these services clear and settle financial transactions exceeding $4 trillion per day, or approximately 65% of all of the nation’s electronic payments.

In addition, the New York Fed: carries out foreign exchange-related activities on behalf of the Federal Reserve System and the U.S. Treasury monitors and analyzes global financial market developments, manages foreign currency reserves of the United States, and provides foreign central banks with services such as accounts, the receipt and payment of funds in U.S. dollars, the purchase and sale of foreign exchange, the custody, transfer, and investment of U.S. Treasury and other securities, and the storage of monetary gold.

Finally, the New York Fed president serves as a permanent voting member of the FOMC.

Additional Information on the Presidential Search

Position and Candidate Specification updated on 2/2/2018
See a full job description as provided by the search firms.

If you are interested in the role or would like to submit a potential candidate, please send the name of the individual you'd like to recommend or, if you would like to be considered, a cover letter and resume directly to the search firms at newyorkfed@spencerstuart.com.

FAQs updated on 1/22/2018
Frequently Asked Questions

If you have additional questions or comments regarding the selection of a new president for the New York Fed, please reach out to PresidentialSearch@ny.frb.org.

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