William C. Dudley, president and chief executive officer of the Federal Reserve Bank of New York, analyzes the causes of the financial crisis and lays out the Federal Reserve's plan of action to help.
William C. Dudley became the 10th president and chief executive officer of the Federal Reserve Bank of New York on January 27, 2009. In that capacity, he serves as the vice chairman and a permanent member of the Federal Open Market Committee, the group responsible for formulating the nation's monetary policy.
Mr. Dudley had been executive vice president of the Markets Group at the New York Fed, where he also managed the System Open Market Account for the Federal Open Market Committee. The Markets Group oversees domestic open market and foreign exchange trading operations and the provisions of account services to foreign central banks.
Mr. Salomon is managing partner of East End Advisors, LLC. Previously, he was president of Mecox Ventures, a private investment company. Prior to that, he was president and managing director of the investment advisory firm, Spears, Benzak, Salomon & Farrell from 1982 until 2000.
Mr. Salomon serves as senior advisor to David Rockefeller, and also advises other high net-worth families. In addition, he is chairman of the advisory board of Blackstone Alternative Asset Management Group. He is a director of Boston Properties. He is a trustee of the Museum of Modern Art and the Alfred P. Sloan Foundation. He serves as the vice chairman of the board of trustees of Rockefeller University, and is chairman of its nominating and governance committee. Mr. Salomon serves on the investment committees of the Museum of Modern Art and the Sloan Foundation.
William Dudley, president and chief executive officer of the Federal Reserve Bank of New York, explains the capital stress assessment program announced by the Treasury.
"This process is designed to ensure that the banking system has sufficient, high-quality capital to be able to absorb the losses that would likely to be generated by an economic scenario considerably worse than generally expected," says Dudley.