If Congress really thinks that Bill Dudley is doing such an extraordinarily shitty job of running the New York Fed, as it very clearly does, Bill Dudley would be happy to see them try to find someone better. Or at least stop complaining about how people like Bill Dudley wind up running things like the New York Fed.
“It’s the province of the Congress to decide how the Federal Reserve Act is written and how the president of the Federal Reserve Bank in New York and other Federal Reserve presidents are selected,” Mr. Dudley told Sen. Jack Reed (D., R.I.) during a heated hearing Friday.
Lawmakers Lambaste New York Fed Chief on Lax Oversight [WSJ]
It’s Up To Congress How To Fill My Job, New York Fed Chief Tells Senator [WSJ Real Time Economics blog]