william c dudley : oversight of the federal government's intervention at american international group testimony of mr william c dudley, president and chief executive officer of the federal reserve bank of new york, before the committee on financial services, us house of representatives, washington dc, 24 march 2009. * * * good morning, chairman frank, ranking member bachus, and other members of the committee. thank you for giving me the opportunity to appear before you today. as you know, on january 27, 2009, i became the president of the federal reserve bank of new york. before i assumed that position, i served as the head of the markets group at the new york fed. i appreciate having this opportunity to discuss the federal reserve bank of new york's involvement with american international group, inc. ( aig ). role of the federal reserve bank of new york at the outset, it is important to note that before the new york fed became involved with aig as a lender on september 16, 2008, the federal reserve lacked any kind of authority to oversee aig. the lack of effective consolidated supervision over aig was a critical contributing factor to the debacle that occurred at the company. the federal reserve made its decision to lend based on a judgment that a failure of aig would cause dramatically negative consequences for the financial system and the economy – consequences worse than what occurred in the aftermath of the failure of lehman brothers. we stand by that judgment today. in the case of lehman, some of the most severe repercussions related to the difficulties in coordinating cross - border insolvency regimes and in coordinating the insolvency regimes among different types of institutions within the organization's corporate structure. in light of aig's unparalleled global footprint – operating in more than 130 countries around the globe – and the multiplicity of different types of financial services entities within its structure – including insurance providers, foreign banks, consumer lending companies and otc derivatives affiliates – the factors that proved unmanageable in the lehman insolvency threatened to be much more severe in aig's case. the fact that no effective emergency resolution procedures exist under u. s. law to reconcile these difficulties heightened the need for quick, effective action by the federal reserve, in consultation with and supported by the u. s. treasury. from the outset, the new york fed has been sharply focused on addressing two overarching goals with respect to aig : ( 1 )

william c dudley : the national and regional economic outlook remarks by mr william c dudley, president and chief executive officer of the federal reserve bank of new york, before the bronx chamber of commerce at the new york botanical garden, bronx, new york, 24 october 2011. * * * good morning. i am very pleased to be at the new york botanical garden to speak to members of the bronx chamber of commerce this morning. the garden is one of the jewels of the bronx and it is always a pleasure to speak with the business leaders of a community as vibrant as the bronx. over the past 20 months, i have been engaged in a series of outreach meetings all across my federal reserve district. i consider these visits just as important as my trips to washington, d. c., to help formulate monetary policy or to switzerland to shape international bank regulation. the understanding that i gain today will help ensure that my policy decisions reflect the public interest in the broadest sense. each visit within the region helps me deepen relationships with the people i represent. as you may know, the new york fed ’ s district includes all of new york state ; 12 counties in northern new jersey ; fairfield county, connecticut ; puerto rico ; and the u. s. virgin islands. this year i have met with community leaders, businesses and elected officials around the region. although the bronx is the city ’ s second smallest borough, it has 1. 4 million residents – equal to the combined population of three to four average u. s. cities. you host world - class institutions such as the yankees, the new york botanical garden, the montefiore medical center and the hunts point market. you also are home to the largest dominican population in the city and sizable groups from around the globe. in sum, the bronx is a major metropolitan area and economic force all on its own. what the new york fed does by way of introduction, i will briefly review what the new york fed does and what makes my job so interesting. as always, what i have to say reflects my own views and not necessarily those of the federal reserve system or the federal open market committee, also known as the fomc. i serve as vice - chair of the fomc – a federal reserve committee that meets eight times a year in washington, d. c., to set interest rates and make other decisions about monetary policy. at fomc meetings, each committee member presents a current regional and national outlook. for these assessments