The Federal Reserve Bank of New York today created a search committee to replace President Timothy Geithner, who was nominated last week as Treasury secretary.
The three-member search committee, headed by Stephen Friedman, chairman of the New York Fed board and former chairman of Goldman Sachs Group Inc., will engage very soon a national search firm to assist in the process, the New York Fed said in a statement posted on its website.
Mr. Geithner will continue as New York Fed president for several more weeks while he awaits Senate confirmation as Treasury secretary; Christine Cumming, the New York Feds first vice president, will replace him as voting member on the rate-setting Federal Open Market Committee.
According to industry sources, the most likely candidates are current or former New York Fed officials in a key position within the central bank as head of the FOMCs System Open Market Account. The New York Fed manages all of the U.S. central bank assets via SOMA.
Among the candidates:
William Dudley, New York Fed executive vice president of the Markets Group and manager of SOMA. He joined the New York Fed in 2007 after serving as chief economist at Goldman Sachs for 10 years.
Peter Fisher, Treasury undersecretary for domestic finance since 2001; he previously served at the New York Fed in the same position as Mr. Dudley does today.
Dino Kos, former Hong Kong-based managing director and head of central banks and sovereign wealth funds at Morgan Stanley Investment Management. He is now managing director for equities at Portales Partners, an independent research firm. Between 2001 and 2007, Mr. Kos was New York Fed executive vice president of the Markets Group and manager of SOMA.