FED, Dudley Goldman Sachs, Mister Dudley discussed on

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And from the from the growth perspective people who favor not going so quickly yeah it's exactly that it means gives the labor market a little bit more room to run because let's dive into sort of parlor game you're and this is a conversation folks that i think we'll be of interest for all but particularly for global wall street let's begin with the idea that the new york fed is different there's the the governor's the chairman the vice chairman is cleared a vicechairman editor that hasn't happened it's talked about it it's definitely talked about okay there in washington and then there's the richmond fed the dallas fed and the new york fed is different why is the new york fed different from the others so we like to call the new york fed the first among equals which i think is is maybe a little bit of a misnomer that is often what set of it it gets a constant vote on monetary policy so the other twelve regional presidents rotate the new york fed has an vote every single rate decision so that's a big difference and then beyond that the new york fed has the markets desk so they do so when you think qe trading all of that was the new york fed and they have supervision over some of the biggest banks on wall street the supervision features actually the biggest deal witnessing germany deutsche bank really having trouble getting a bid this morning i mean i mean they're like the policemen for the banks and some of that was taken away from them in the wake of the financial crisis you know governor torello really centralized a lot of military power in washington but the supervision is still run out of the new york fed and so it it certainly is the most important of the regional federal some people would say it's the second or third most important job at the central so bob dudley out of goldman sachs bill dudley excuse me build about deadliest it's british petroleum bill dudley dudley right good morning mister dudley dr deadly bill dudley goldman sachs is i think good marks and all who picks the new person so the there's sort of a multistage process but the board of directors at the new york fed has been director on bank directors and out of those they formed a selection committee and so that.

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