Geithner's recommendation to promote Dudley raises questions

The process for replacing Treasury Secretary Timothy Geithner as president of the Federal Reserve Bank of New York triggered concerns among board members. William Dudley, a former Goldman Sachs economist, was promoted to the position in January after heavy lobbying by Geithner. Although outgoing Fed presidents often offer input on their successors, some argued that this situation was different because Geithner was nominated for a political office at the time.

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