William C. Dudley, who heads the markets desk at the Federal Reserve Bank of New York, will become President of the New York Federal Reserve, according to Bloomberg TV.
Dudley, who also manages the System Open Market Account for the Federal Open Market Committee (FOMC), will replace Timothy Geithner, who was confirmed by the Senate on Monday as Treasury Secretary.
As head of the NY Fed's Markets Group, Dudley oversaw domestic open market and foreign exchange trading operations.
Prior to joining the NY Fed in 2007, Dudley was managing director at Goldman Sachs, where he also served as chief U.S. economist for a decade.
Before joining Goldman, he was a vice-president at the former Morgan Guaranty Trust Company. From 1981 to 1983, he was an economist at the Federal Reserve Board.
An official announcement is expected at 10:45 a.m. EST.
It is unclear whether Dudley will participate in the FOMC meeting beginning today.
By Patrick McGee and edited by Nancy Girgis
©CEP News Ltd. 2009