Timeline for the Selection of New York Fed President

The Class C and eligible Class B directors of the New York Fed’s Board of Directors begin initial discussions regarding the forthcoming search for a new president. The search committee is formed and it begins to develop an initial set of key attributes. Spencer Stuart and Bridge Partners are engaged to assist in the search.

On November 6, President Dudley announces his plans to retire in mid-2018. The search committee of the Board of Directors launches the search for his successor.

The search committee begins to conduct extensive outreach to solicit input into its process and understand interests and priorities, sending more than 400 letters and conducting in person meetings, including with all of the New York Fed’s relevant advisory groups.

November 7: Meeting with the Small Business & Agriculture Advisory Council

November 10: Meeting with the Financial Advisory Roundtable

November 15: Meeting with the Community Advisory Group

November 17: Meeting with the Economic Advisory Panel

November 20-22: Meetings with senior New York Fed leaders to discuss attributes

January 10: Meeting with the Investor Advisory Committee on Financial Markets

January 10: Meeting with labor and consumer representatives

January 11: Call with the Upstate New York Regional Advisory Board

January 11: Meeting with industry and business representatives

January 17: Meetings with groups of New York Fed staff to discuss the search process and key attributes

In this time period, the search committee receives a great deal of interest in the position and also proactively seeks out candidates. From the variety of sources consulted, the search committee—with assistance from the search firms—develops hundreds of candidate names and sources. Many of the names included are referrals, while others were actively sought out or referred themselves.

With consideration of the ideal experience and key attributes, and after deliberations, the search committee narrows the pool to just over 30 qualified candidates. Of those, 50% are diverse candidates. This pool of candidates includes those from the following backgrounds as most recently employed: academia; Federal Reserve System; federal government; finance (mostly banking and asset management); and, the non-profit sector. In addition, these candidates include geographical diversity, representing the Tri-State area (New York, New Jersey and Connecticut), New England, the Mid-Atlantic region, the Midwest, the West Coast, Europe and Asia.

The search committee further narrows the list to 13 candidates for first-round interviews. Of these, 6 are diverse candidates. By the end of February, the search committee interviews 11 candidates, after 2 of the 13 opt out of the process.

After deliberations, the search committee selects 3 candidates for a second round of interviews. Of these finalists, 2 are diverse.

Notably, throughout the interview process, the search committee continues to receive candidate nominations, most of whom are contacted and vetted by the search firms at the behest of the committee.

After several months of planning, outreach, candidate sourcing and interviews, the search committee settles on a finalist candidate, John C. Williams, to be interviewed by the Board of Governors.

March 17: David M. Cote steps down from the Board of Directors, including his participation in the search committee, to consider pursuing new business opportunities that could affect his eligibility to serve as a Class B director.

March 20: Finalist candidate John C. Williams interviews with the Board of Governors

April 2: Finalist candidate John C. Williams meets with all Class B and Class C Directors

April 2: Unanimous vote in favor of finalist candidate by all Class B and Class C Directors

April 3: Approval of John C. Williams by the Board of Governors of the Federal Reserve System