(AP & WXXI News) William Dudley will retire as president and CEO of the Federal Reserve Bank of New York next year.
The retirement will open the way for new leadership of the system's largest reserve bank. Dudley's term ends in 2019 and he plans the retirement for the middle of 2018 to make sure a successor is in place.
Dudley is a close ally of Fed Chair Janet Yellen, who is being replaced by Jerome Powell when her term ends in February.
Dudley played a major role in the Fed's response to the 2008 financial crisis and has supported Yellen's cautious efforts to raise interest rates.
Dudley made stops in some Upstate NY cities in September including Rochester to talk about credit access and other issues.