Federal Reserve Official Discusses Slow Economic Recovery

Photo: Mike Peters

William C. Dudley

William C. Dudley, president and chief executive officer of the Federal Reserve Bank of New York shared his insights on the economy and New Jersey's slow recovery at a special speaking engagement at Montclair State University on September 18. His talk, “The Outlook for the Economy and Actions to Spur Growth,” drew an attentive audience of students and faculty from the School of Business, as well as University officials and executives from the corporate community.

Stating that New Jersey’s economy is gradually improving, Dudley discussed the Federal Reserve’s recent announcement that it will buy $40 billion a month in mortgage-backed securities to cut borrowing costs for home buyers and other borrowers, and spoke about other actions for stimulating economic growth.

Dudley pointed to high unemployment, the housing slump, and excessive debt as some of the reasons for the slow economic recovery in New Jersey and said that action from the Fed is needed to keep things moving in the right direction.

Dudley became the president and chief executive officer of the Federal Reserve Bank of New York in 2009. In that capacity, he serves as the vice chairman and a permanent member of the Federal Open Market Committee (FOMC), the group responsible for formulating the nation’s monetary policy.

Previously, he served as executive vice president of the Markets Group at the New York Fed, where he also managed the System Open Market Account for the FOMC. Prior to joining the Bank in 2007, Dudley had a distinguished career in the financial sector, including senior positions at Morgan Guaranty Trust Company and Goldman Sachs.

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Read an article about the event in The Record.