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BIS appoints Fed man as committee head

Tuesday 10 January 2012 – by Karina Whalley

The Bank for International Settlements has appointed the president of New York’s Federal Reserve to head up the Committee on the Global Financial System, replacing Mark Carney as chair.

William Dudley’s new role becomes effective immediately for a three-year term at the helm of the Basel body’s CGFS.

The previous chairman, Carney, was appointed in July 2010 and is currently the Bank of Canada’s governor, as well as having been named chief of the Financial Stability Board in November.

The CGFS is a central bank forum for monitoring and examining issues relating to financial markets and systems. The committee, which was established in 1971, elaborates on policy recommendations to help central banks in monetary and financial stability decisions.

As the committee’s new head, Dudley will have to report to the Global Economy Meeting, comprised of 31 central bank governors as members.

The 59-year-old has been president of the Federal Reserve Bank of New York for two years and was also involved in formulating US monetary policy through his position as vice chairman of the Federal Open Market Committee.

Dudley has been vocal in the past on harmonising regulation. In 2010, he warned that Basel III and the Dodd Frank accords need to be brought into line as far as possible across the globe, in order to aid their implementation and ensure a level playing field.

He was previously an economist at the Federal Reserve Board and like his predecessor Carney, Dudley worked at Goldman Sachs until 2007, holding the position of chief economist for ten years.

Dudley has a doctorate in economics from the University of California, Berkeley.

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