Denis Hughes to head New York Fed for rest of 2009

The board of governors of the US Federal Reserve System has chosen Denis Hughes to be chairman of the Federal Reserve Bank of New York for the remainder of 2009.

Hughes is president of the New York State American Federation of Labour and Congress of Industrial Organisations, a voluntary federation of US and international labour unions. He has served as deputy chairman of the New York Fed since January 2007 and as acting chairman since May this year, when his predecessor, Stephen Friedman, resigned his post following controversy over his decision to remain on the board of directors at Goldman Sachs.

The board also designated Lee Bollinger deputy chairman of the New York Fed for the rest of the year. Bollinger is the president of Columbia University, and became a director at the Fed in January 2007.

See also: Stephen Friedman relinquishes post at New York Fed