Markets Magazine

Dudley Proves This Isn’t Your Father’s New York Federal Reserve

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It’s a quiet September morning outside the headquarters of the Federal Reserve Bank of New York on Liberty Street in downtown Manhattan.

The 22-story building, made of limestone and sandstone blocks and decorated with wrought iron, embodies the secrecy with which the central banking system has operated since its founding in 1913. The ground floor, with its vaulted ceilings and iron chandeliers, houses an exhibit on the history of money. In a 10th-floor conference room, William C. Dudley, president of the New York Fed, sits in a leather chair and explains how he’s trying to change the image of the central bank as a closed club that caters to Wall Street at the expense of everyone else, Bloomberg Markets magazine reports in its November issue.