Replacing New York Fed President Bill Dudley may be one of the most controversial Fed appointments in recent memory.

Dudley, who is in his mid-60s, announced his retirement last week, likely by the spring or summer, and speculation is already rife in markets about who will get his job. Some call it the second-most important job in the Federal Reserve system.

Amongst those potentially considered for the position are Dean of the NYU Stern School of Business Peter Blair Henry; former Treasury undersecretary for domestic finance in the Bush administration Peter Fisher; JPMorgan chief of regulatory affairs Sandie O’Connor; and UBS chief economist Seth Carpenter.

The search for Dudley’s replacement is being conducted by two separate outside firms and is expected to take six to nine months.

Read more in CNBC.