“The new York fed from June 18 will be led by the Williams of the Federal reserve Bank of San Francisco

– The Chairman of the Federal reserve Bank (FRB) of San Francisco John Williams will lead the most important regional Bank of the Federal reserve system (fed) – Federal reserve Bank of new York.

As stated in the official report of the new York Federal reserve Bank from June 18, Williams will assume duties of Chairman and chief Executive officer. He will succeed William Dudley, head new York fed since January 2009.

Thus, 55-year-old Williams will be among the three most influential leaders of the American Central Bank and will play an important role in the supervision of banks on wall street. As noted by the American edition, his views on monetary policy are centrist. In 2018 he was in favor of 3-4 increases in interest rates depending on the situation in the economy and the markets, which coincides with the opinion of most of his colleagues on the fed.

Williams has long worked in San Francisco under the leadership of former fed Chairman Janet Yellen and headed the fed since March 1, 2011, when she was transferred to Washington as Deputy head of the Central Bank.

The candidacy of Williams, about the upcoming appointment which became known in the second half of March caused disputes and disagreements in the industry. He put the blame that he overlooked gross violations of the Bank Wells Fargo, which is administered by the Federal reserve Bank of San Francisco. Employees of Wells Fargo have opened 2 million accounts without the knowledge of the consumers connected to services of the Bank do not suspect about it citizens that opened accounts for non-existent customers, as well as imposing unnecessary services.

In addition, politicians and activists argue that the fed is too many white men. Only one of 12 chapters FRB is African American, one American Indian origin women in this group two.

The head of the new York fed – “first among equals” of heads of regional fed banks. The Chairman of the new York fed is a permanent member of the Federal Committee on monetary markets (FOMC), which determines the monetary policy of the Central Bank, while his colleagues from the Federal reserve Bank participate in the meetings according to the method of rotation. In addition, new York is the operational unit of the Federal reserve, through which the Central Bank has an impact on wall street, buying and selling securities.

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