Dudley takes helm at NY Fed, Geithner sworn in

William Dudley, the executive vice president of the markets group at the New York Federal Reserve, is to succeed Tim Geithner as president of the central bank after Geithner was sworn in as US Treasury secretary on Monday.

Dudley, who has played a key role in the New York Fed's response to the financial crisis, takes up the role as the Fed's ambassador to Wall Street immediately.

Stephen Friedman, the chairman of the New York Fed's board and of the search committee that selected Dudley, said: