"That is to misunderstand entirely the role of appointed officials in a democracy," Summers said.
Dudley, who retired from the Fed in June 2018, said the central bank's actions have become a "convenient whipping boy."
San Francisco Fed President John Williams says he's comfortable with inflation going modestly above 2 percent for a while.
Uncertainties surrounding trade and the federal budget will be the main challenges to Federal Reserve policymakers, outgoing New York Fed President William Dudley said Wednesday. As he prepares to leave his position in June, Dudley said in a speech that he feels confident that the policymaking Federal Open Market Committee is close to its objective of full employment and price stability.
The Fed remains on track to raise rates three or four times in 2018, but any more than that would be unlikely, New York Fed President William Dudley said. "As long as inflation is relatively low, the Fed is going to be gradual," Dudley told CNBC.
John Williams will move from one coast to the other and take on the pivotal New York Fed president's position. Long rumored for the position, Williams will exit the president's post he held in San Francisco since 2011.
Banks need to stop rewarding the kind of bad behavior that led to the Wells Fargo fake accounts scandal and other banking misdeeds, New York Fed President William Dudley said Monday.
San Francisco Fed President Williams is leading candidate to become next President of the New York Fed, sources said.
Jim Cramer shares his weekly game plan with investors after a rattling week on Wall Street and Capitol Hill.
Gary Cohn, a former Goldman Sachs executive, was seen as supporting more business-friendly policies, especially following Trump's announcement of tariffs.
The dollar fell on fears of a trade war after Trump said the U.S. would impose tariffs on steel and aluminum.
The tumult in stocks has not changed New York Fed President Bill Dudley's view that the economy is likely to continue to grow above pace.
Bad incentive structures for employees and a lack of communication to management contributed to Wells Fargo's sales practices scandal, the Fed's William Dudley said.
The Federal Reserve Bank of New York will soon narrow its search for candidates to fill what is considered the Fed's second-most powerful job.
Replacing New York Fed President Bill Dudley may be one of the most controversial Fed appointments in recent memory.
Janet Yellen will give her first public address since President Donald Trump announced Jerome Powell would lead The Fed.
The Federal Reserve will not only lose its three top-ranking officials but also the more than three decades of experience they brought to policymaking.
NY Fed President William Dudley, a key figure in managing the financial crisis and its aftermath, announced his retirement.
William Dudley is the president of Federal Reserve Bank of New York and vice-chairman of the policy-setting Federal Open Market Committee.
Gold hit its highest in over a year on Friday as the dollar sagged after weaker-than-expected US jobs data and as tensions over North Korea.