At their meeting in Basel this weekend, the central bank Governors of the Global Economy Meeting (GEM) 1 appointed William C Dudley as chairman of the Committee on the Global Financial System (CGFS). Mr Dudley is president and chief executive officer of the Federal Reserve Bank of New York and has been the Chairman of the Committee on Payment and Settlement Systems (CPSS) since May 2009.
The appointment of Mr Dudley as Chairman of the CGFS is for a term of three years, starting immediately. He succeeds Mark Carney, Governor of the Bank of Canada, who has been CGFS Chairman since July 2010 and has recently been appointed Chairman of the Financial Stability Board (FSB).
William Dudley has been President of the Federal Reserve Bank of New York since January 2009. In that capacity, he serves as Vice Chairman and a permanent member of the Federal Open Market Committee (FOMC), the group responsible for formulating US monetary policy. After more than 20 years in the private sector, he was appointed Executive Vice President of the Markets Group at the Federal Reserve Bank of New York in 2007, having previously served as an economist at the Federal Reserve Board. Mr Dudley has a doctorate in economics from the University of California, Berkeley.
The CGFS is a central bank forum for monitoring and examining issues relating to financial markets and systems, with a view to elaborating policy recommendations to support central banks in the fulfilment of their responsibilities for monetary and financial stability. Further information about the CGFS may be found on the BIS website at www.bis.org/cgfs/index.htm.