William C Dudley has been appointed as Chairman of the Committee on Payment and Settlement Systems (CPSS) with immediate effect.
Mr Dudley has been President and Chief Executive Officer of the Federal Reserve Bank of New York (FRBNY) since 27 January 2009. Previously, Mr Dudley had been executive vice president of the Markets Group at the FRBNY, where he also managed the System Open Market Account for the Federal Open Market Committee. Before 2007, Mr Dudley was a partner and managing director at Goldman, Sachs & Company and was the firm's chief US economist for a decade. Prior to joining Goldman Sachs in 1986, he was a vice president at the former Morgan Guaranty Trust Company. Mr Dudley was an economist at the Federal Reserve Board from 1981 to 1983. Mr Dudley received his doctorate in economics from the University of California, Berkeley, in 1982.
Great appreciation was expressed of the leadership of Timothy F Geithner, the previous Chairman of the CPSS.
The CPSS plays a key role in international efforts to reduce risks and increase efficiency in payment and settlement systems. The CPSS secretariat, located at the Bank for International Settlements, is headed by Daniel Heller.