Brown Statement On The New York Fed President Selection Process

WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) – ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – released the following statement on the Federal Reserve Bank of New York's announcement that Federal Reserve Bank of San Francisco President John Williams has been selected to replace New York Fed President William Dudley, who is retiring:

“Mr. Williams is a distinguished and respected economist; however, I am disappointed by the search committee’s selection of another Fed insider”, said Brown. “Federal Reserve System officials cannot continue to say that diversity is important without showing that they mean it in their selection of individuals to lead the Federal Reserve Banks and other positions.”

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