Reports of Williams Heading to New York Fed Spur Backlash
- Sen. Warren says that if picked, Williams ought to testify
- San Francisco chief is a top economist, career central banker
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The Federal Reserve is facing a backlash over its lack of diversity in key positions after it emerged this weekend that John Williams, the current president of the San Francisco regional branch, is a front-runner to succeed William Dudley as head of the powerful New York Fed.
It’s one of the most important roles in global central banking. The Fed’s New York branch oversees Wall Street and holds a permanent vote on monetary policy. The bank’s own search committee emphasized a diverse process to fill it, hiring a search firm that specializes in identifying minority and women candidates.