New York Fed Chair Stephen Friedman resigns

The Federal Reserve Bank of New York said late Thursday that Stephen Friedman, chairman of the New York Fed, resigned effective immediately. Denis Hughes, deputy chair of the board, will exercise the powers and duties of the chair. On Monday, The Wall Street Journal reported that Friedman had come under scrutiny because of his large holdings of Goldman Sachs Group Inc. at the time that firm received a quick approval of federal funds.

Source: MarketWatch. For more, check out the Reuters article as well.
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