The chairman of the Federal Reserve Bank (Fed) of New York, William Dudley, will retire in the middle of next year, months before the end of his term.

Dudley, 64, will step down from the New York Fed presidency months before his ten-year term expires in January 2019, the bank announced today.

Dudley’s departure ahead of time will be made to ensure that his successor takes his place well in advance, according to a statement from the New York Fed.

Dudley joined the bank in 2007 as executive vice president and two years later, in January 2009, he became president of the New York Fed.

“For someone like me who has always been interested in public policy, leading the New York Fed has been the dream job,” Dudley said after learning of his intention to retire.

The still president of the New York Fed had words of thanks for former Secretary of Treasury Tim Geithner, former Fed Chairman Ben Bernanke, and its current president, Janet Yellen.

“I have greatly appreciated the great contributions that Bill Dudley has made at the meetings of the Open Market Committee, his wise advice and his friendship over the years,” Yellen said.

The Federal Reserve Bank of New York is the most important of the twelve that constitute the Federal Reserve system in the United States.

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