William Dudley, head of the Federal Reserve Bank of New York, has been elected chairman of the Economic Club of New York.

Dudley has served as the club's vice chairman since 2012. He takes over the top spot from Roger Ferguson, the chief executive of the financial services firm TIAA-CREF.

"This organization provides an important forum for discussion of some of the most challenging economic and social issues facing business and political leaders today," Dudley said in a press release Monday.

Dudley joined the New York Fed in 2007 as an executive vice president in its markets group and became president and CEO in January 2009. Previously he served as a partner and the chief economist at Goldman Sachs (GS).

The club's trustees elected three vice chairs: Terry Lundgren, the CEO of Macy's; Abby Joseph Cohen, the president of the Global Markets Institute at Goldman Sachs; and Ruth Porat, the chief financial officer at Morgan Stanley (MS).

The Economic Club of New York's members are business executives. It was established in 1907 to promote "serious discussions of economic, social and other public issues in a nonpartisan forum," according to its website.

The club is known as a platform for major economic policy addresses. Speakers this year have included Federal Reserve Board Chair Janet Yellen and Treasury Secretary Jack Lew. Haruhiko Kuroda, governor of the Bank of Japan, is scheduled to speak to the club later this year.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.