Two N.Y. Fed Directors Opted Out of Search Process for President
- Four panelists picked Fed insider Williams from San Francisco
- Fed search committees typically consist of six non-bankers
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In choosing John Williams to be the next president of the Federal Reserve Bank of New York, its directors completed the most important task their office demands. It’s the most direct way they can influence the path of monetary policy at the nation’s central bank.
But not every eligible director participated fully in the search and selection process. That was an unusual departure from the practice of almost every other regional Fed to run a search for a new leader since 2014.