WASHINGTON – The board of directors at the Federal Reserve Bank of New York selected William Dudley on Tuesday as its president and chief executive.

Mr. Dudley, who has worked at the New York Fed since January 2007, takes the reins at a time when the central bank's outpost on Wall Street is crucial. The Federal Reserve Board has allowed the New York Fed to take the lead on many of the lending programs established to curb the financial crisis.

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