San Francisco Federal Reserve President John Williams is the front runner to become the next President of the New York Fed, the Wall Street Journal reported on Saturday.
The New York Fed board recommended Williams to replace incumbent president William Dudley, who plans to step down next summer, sources familiar with the matter told the publication. The decision is not final and could change, these people added.
One of the most influential positions within the U.S. central bank, the New York Fed chief is a permanent member of the Fed’s policy-setting Open Market Committee (FOMC), and serves as its vice chair. The New York Fed regulates some of the nation’s largest banks, and acts as the central bank’s liaison to Wall Street.
Williams has served on the San Francisco Fed since 2002. He succeeded Janet Yellen as president in 2011, when former President Barack Obama selected her to take on the role of Fed vice chairwoman.
Williams’ policy falls in line with the current approach of gradually raising interest rates.