New York Fed Chairman Stephen Friedman resigns
The chairman of the Federal Reserve Bank of New York resigned Thursday after questions were raised about his role as a director of Goldman Sachs and his purchases of stock in the company, which is regulated by the New York Fed.
Stephen Friedman, a onetime chairman of Goldman and economic advisor to President George W. Bush, said his staying on would be a “distraction” for the central bank.
Goldman came under direct supervision of the New York Fed in September, when it was granted emergency permission to change its charter to become a bank holding company. Rather than step down from either board, Friedman requested a waiver from normal Fed rules to continue serving, actions reported Monday by the Wall Street Journal.
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Irwin writes for the Washington Post
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