The next president of the United States—and many of her colleagues up on Capitol Hill—don’t think much of New York Fed President Bill Dudley. When they look at his goofy smile, all they see is a lack of “rigorous accountability for conflicts of interest and failures of oversight.” Someone “essentially… hired by the people” he’s regulating; someone who might be best put out to pasture.
Janet Yellen? She isn’t having any of it.
Mr. Dudley has “done a fine job in running the New York Fed and I want to be very clear that I have great confidence in him,” Ms. Yellen said in reply to questions at a press conference Wednesday after the Fed’s policy meeting.
Yellen Says She Has ‘Great Confidence’ in New York Fed’s Dudley [WSJ Real Time Economics blog]