Progressive groups seized on Mr. Dudley’s retirement as a rare opportunity to influence an economic policy appointment that is outside Mr. Trump’s control. Protesters marched on the bank’s Lower Manhattan headquarters last month to demand a president who would represent working people. In a statement Tuesday, the Fed Up campaign, a progressive group, criticized the New York Fed’s board for “ignoring the demands of the public and choosing yet another white man whose record on Wall Street regulation and full employment raises serious questions.” The group said the search process “calls into question whether the Federal Reserve can be trusted to act in the public interest.

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