New York Fed Chairman Stephen Friedman resigns
- Share via
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.
--
Irwin writes for the Washington Post
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
