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Within the Federal Reserve system, the Federal Reserve Bank of New York (“New York Fed”) has been the most vocal in calling for banks to build a stronger ethical culture. William Dudley, President of the New York Fed since 2009, has emphasized that he has “personally delivered a strong message that the culture of Wall Street is unacceptable.”1 In late 2017, Dudley announced that he would retire. He will be replaced by John Williams, the current President of the San Francisco Federal Reserve Bank, in June 2018. 

Since the last Presidential election, the composition of the Federal Reserve Board has also changed, with a new Chairman, Jerome Powell, and a new Vice-Chairman of Bank Supervision, Randy Quarles. 

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