N.Y. Fed Chair Friedman Resigns

n Friedman has resigned from the position of chairman of the board of directors of the New York Fed. Consistent with the Federal Reserve Act, Denis M. Hughes, deputy chair of the board, will exercise the powers and duties of the chair. "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 letter of resignation, referring to questions about stock purchases he made in his former firm Goldman Sachs. "The Federal Reserve System has important work to do and does not need this distraction," his letter continues. SOURCE: New York Federal

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