YouSaid · the spoken record

Bill Dudley

lines on the record
108
first
2024-02-15
most recent
2024-02-15
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1
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podcast

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  1. “Well, first, I went to JP Morgan. I was the regulatory at the time had one regulatory commitment. And so when the job came open and they approached me at the Fed, I thought, boy, if I don't take this job, it's not going to be available a few years later. So I went to J.B. Morgan and I worked on a lot of bank regulatory matters. And that's why I'm still very interested in bank regulatory issues. But that seemed to me like not a really great long-term career because as you know, bank regulation changes very slowly. And I sort of wanted a faster tempo. So Goldman Sachs had me in to interview for a macroeconomics job and I thought, well, I don't really know a lot of macroeconomics, but I do know about how the Federal Reserve operates, how the payment system operates, how the plumbing works, how reserves move through the system. And I think they like the fact that I knew about how things worked at sort of a micro level. So they hired me to do macroeconomics.”

    2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “Well, I seem to have gotten it good enough. And, you know, what's interesting about that, I didn't really have that much interaction with Paul over the next 15, 20 years. But once I got to the Fed, we started to actually see each other on a much more regular basis. I got involved with a group of 30. Paul was a member of the group of 30. And we gradually became pretty good friends. So it started very slow and sort of matured, like fine wine.”

    2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “Kidding, so that means like you're not exactly relaxed when you're going to brief the government. It's not a lot of give and take. It was a very formal process. And even”

    2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “And you could straining to hear them. The senior staff was ready to rescue you if you said something inappropriate. I mean, they set the bar, the tension bar so high because you actually couldn't actually do a briefing until you actually taken a course.”

    2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “Yes, I did. I didn't have a lot of interactions with him. I remember one time, though, I did do a briefing of the board of governors. And at the time, they had this very long table in the main board of governors meeting room. And Volker said at one end, and the briefer said all the way at the other end, which made it sort of complicated because Volker usually had a cigar stuck in his mouth. And he would have a cigar.”

    2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “It's real money. So we wanted to make sure that people understood what the cost was. Now, obviously, it's a good thing to do. I mean, it does cost the Treasury money, but it's a much more efficient and more reliable payments medium.”

    2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “So I was working on issues on payments. I worked on issues on some of them were quite esoteric. So, for example, the Treasury was thinking about moving to direct deposit, but they wanted to know how much it was going to cost them because direct deposit, the money clears, sorry, almost instantly, right? When you write a check, you get check float. It takes time for the checks to come back to hit the treasury account. So they want to know how many days does it take a Treasury check to get back to us? So we actually set up this project where we went out to the reserve banks and sampled checks to find out how long did it actually take someone to get their treasury check and deposit it somewhere and have it get back to the Fed and debit the Treasury of the County. It turned out to be like eight or nine days on average.”

    2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “I was there in the, what's called the financial studies section, which is one of the very small places in the Fed that is not macroeconomics driven. It's microeconomics. So we worked on things like payments policy, regulatory policy, so all sorts of micro issues, not macro issues. It was a pretty interesting period because the Congress had just passed what's called the Monetary Control Act, where they were forcing the Fed to charge for all its services to sort of level the playing field with the private sector. So we had to figure out how we're going to price all these services in a way that we can still stay in business and be a viable competitor to the private sector.”

    2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source