found this one on BZ Riger’s I-UV.com site (link here). you can go there to not only continue reading the piece but to read Heather’s response to it….effective June 1st. yeah, wait, what?! june 1st as in just 4 days? sudden departures by two top officials with the NY Fed? me thinks things are rapidly changing….
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By Matthew Boesler and Christopher Condon, published on Bloomberg, on The Federal Reserve Bank of New York said two of its top officers are departing — including Simon Potter, who oversees its strategically vital trading desk — in a rare double exit from the senior ranks of the U.S. central bank.Potter and fellow executive vice president Richard Dzina, who ran the bank’s financial services group, will both step down effective June 1, the bank said in a statement Tuesday. It will launch a search to find their successors.Their departures — which between them take almost 50 years of New York Fed experience with them — come about a year into John Williams’s tenure as president of the bank.
Potter had been seen in some quarters as a potential contender to take the helm in New York before Williams, who was then head of the San Francisco Fed, won the pick. The New York Fed is the most important of the 12 regional Fed banks because of its oversight of Wall Street and execution of monetary policy via the desk that Potter ran. The head of the New York Fed also wields a permanent vote on the central bank’s interest rate-setting Federal Open Market Committee and is the panel’s vice chair.
Dzina did not immediately respond to a request for comment. Potter referred questions to the New York Fed.
The abrupt departures come at a delicate time for the central bank as it finishes shrinking its balance sheet. The wind-down process, which Potter oversees as the head of the New York Fed’s markets group, will end later this year but policy makers have yet to decide important questions on the long-term maturity composition of its bond holdings.
