John Williams, president of the Federal Reserve Bank of San Francisco and a top monetary economist, was promoted on Tuesday to head the New York Fed. On June 18, Williams will succeed William Dudley in what is seen as the second-most influential position at the U.S. central bank. In selecting a white man and long-time Fed insider, the NY Fed's directors said he was the best of an “exhaustive and inclusive” search of diverse candidates and highlighted Williams’ commitment to public service. Read the original story from Reuters.