(May 10, 2010) New York Federal Reserve Bank President William Dudley, a 1974 graduate of New College with a concentration in economics, will deliver the keynote address at the College’s 44th Annual Commencement on Friday, May 21, 2010 at 7:00 p.m. on the bayfront behind College Hall. In January 2009, Dudley succeeded Timothy Geithner as the president of the New York Federal Reserve Bank when Geithner became Secretary of the Treasury. He also serves as the vice chairman and a permanent member of the Federal Open Market Committee (FOMC), the group responsible for formulating the nation’s monetary policy.
Following his New College career, Dudley earned the Ph.D. degree in economics from the University of California at Berkeley. He was with Goldman Sachs from 1986-2007, when Secretary Geithner tapped him to manage the New York Federal Reserve’s Markets Group, which oversees domestic open market and foreign exchange trading operations.
“Needless to say, Bill has tremendous insight into our nation’s current economic woes, a topic I’d expect him to touch on in his Commencement remarks,” said New College President Mike Michalson, who will also deliver remarks to this year’s graduating class and host a President’s Reception on Thursday, May 20 at 4 p.m. The New College Alumnae/I Association will host a Toast to the New Graduates on May 21 at 11:00 a.m. Approximately 160 students from throughout the United States are expected to receive B.A. diplomas this year from the state of Florida’s honors college for the liberal arts.
This is the 14th occasion on which a distinguished New College graduate has given the commencement speech. The first alum to address the graduates was Fields Medal winner and mathematician William Thurston, in 1984; Sharon Matola, a New College alumna who has been referred to as the “Jane Goodall of Belize” by ABC Nightline, gave the commencement address last year.
When asked if there is any connection between his New College education and his career trajectory, Dudley recalled that New College taught him how to “complete a really big project” – something, he says, that has been extremely important to him in life many times over.
Dudley was one of five alums featured in the Spring 2010 issue of the New College Magazine. When asked what words of wisdom he would offer the graduating class, he responded: “I would tell people they should find something they really have a passion for. They will do it well and enjoy it, and that they will generate a very big career. You’ll never have trouble looking at yourself in the mirror if you do that.”
Prior to joining the Bank in 2007, Dudley was a partner and managing director at Goldman, Sachs & Company and was the firm’s chief U.S. economist for a decade. Earlier in his career at Goldman Sachs, he had a variety of roles including a stint when he was responsible for the firm’s foreign exchange forecasts. Prior to joining Goldman Sachs in 1986, he was a vice president at the former Morgan Guaranty Trust Company. Dudley was an economist at the Federal Reserve Board from 1981 to 1983. He currently serves as chairman of the G-10 Committee on Payment and Settlement Systems of the Bank for International Settlements and is a member of the board of trustees of the Economic Club of New York.
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