Stephen Friedman relinquishes post at New York Fed

Stephen Friedman, chairman of the board of directors at the Federal Reserve Bank of New York, resigned his post on May 7, following controversy over his decision to remain on the board of directors at Goldman Sachs.

"Last Fall, after Goldman Sachs became a bank holding company, I agreed to remain on the board, pursuant to the waiver authority of the Board of Governors of the Federal Reserve System, to provide continuity during a time of financial market instability. Today, although I have been in compliance with the rules, my public service motivated continuation on the Reserve Bank Board is being mischaracterized as improper," Friedman wrote in his resignation letter to the Fed.

He will be replaced by Denis Hughes, deputy chair of the board.

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Most read articles loading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here