William Dudley has been appointed as chairman of the Committee on Payment and Settlement Systems (CPSS), the Bank Bank for International Settlements said Monday.

His appointment is effective immediately.

The CPSS focuses on international efforts to reduce risks and increase efficiency in payment and settlement systems. The CPSS secretariat, located at the BIS in Basel, Switzerland, is headed by Daniel Heller.

The previous chairman of the CPSS was U.S. Treasury Secretary Timothy Geithner.

Dudley has been president and chief executive officer of the Federal Reserve Bank of New York since January 27, taking over from Tim Geithner, who was also the previous chairman of the CPSS.

Before his current posting, Dudley was executive vice president of the Markets Group at the New York Fed. Before 2007, he was a partner and managing director at Goldman, Sachs & Co. and was the firm’s chief US economist for a decade. Prior to joining Goldman Sachs in 1986, he was a vice president at the former Morgan Guaranty Trust Co. He was also an economist at the Federal Reserve Board from 1981 to 1983.

IE