WASHINGTON, Nov. 5 (Xinhua) -- New York Federal Reserve Bank President William Dudley would announce his retirement as early as next week, according to local media reports on Sunday.
CNBC quoted unnamed sources as saying that Dudley will likely retire sometime in the spring or summer of 2018 when his replacement is found and approved. Dudley who became the head of the regional bank in 2009 will see his term expire in January 2019.
As head of the New York Fed, Dudley serves as the vice chairman and a permanent member of the Federal Open Market Committee, the monetary policy setting group of the Federal Reserve.
Dudley has been a close ally of Fed chair Janet Yellen. Reports went that his retirement was not related to the decision that President Donald Trump appointed Fed governor Jerome Powell as the next Fed chair.
The New York Fed is reported to have started the search for a successor. Presidents of the Fed's 12 regional banks are chosen by local boards, and the Fed board in Washington approves the nomination.