William Dudley has been promoted to the top position at the Federal Reserve Bank of New York, where he'll be on the front lines of the government's efforts to end the worst credit and financial crises since the 1930s.
As president of the New York Fed, Dudley will be a full-time member of the Federal Open Market Committee. That group, which includes Fed Chairman Ben Bernanke, sets interest rates and makes other policy decisions.
Dudley also will be in charge of carrying out the Fed's market operations to implement its policy decisions.
The 56-year-old, who had been head of the New York Fed's markets group, replaces Timothy Geithner. Geithner was sworn in Monday as President Barack Obama's Treasury secretary.