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John C. Williams named president and CEO of New York Fed

John C. Williams

John C. Williams on Tuesday was named president and CEO of the Federal Reserve Bank of New York.

Mr. Williams was appointed by the eligible members of the New York Fed's board of directors and approved by the Federal Reserve Board of Governors, a news release said. His term will begin June 18, following the last day of current president and CEO, William C. Dudley, who is retiring.

Mr. Williams has served as president and CEO of the Federal Reserve Bank of San Francisco since March 2011, when he succeeded former Federal Reserve Chairwoman Janet Yellen. The San Francisco Fed is responsible for the 12th Federal Reserve District, the largest by geography and population.

AllianceBernstein (AB) senior economist Eric Winograd called Mr. Williams "an excellent choice" in a statement.

"He is a well-respected economist with expertise in monetary policy and has been one of the most influential members of the (Federal Open Market Committee) over the course of this cycle," Mr. Winograd said.

Mr. Williams "has many virtues, but diversity is not one of them. His appointment is going to be met with a lot of unhappiness from various groups who had hoped for a fresh face," Mr. Winograd said. "It will be very interesting indeed to see if that pressure influences either the administration's efforts to fill (Fed) governorships or Congress' willingness to approve any candidates who are nominated."