N.Y. Fed Appoints New Chairman Of the Board

Yesterday, the board of governors of the Federal Reserve System designated Stephen Friedman chairman of the board of directors of the Federal Reserve Bank of New York for 2008, and redesignated Denis Hughes deputy chairman of the New York Fed's board of directors.

Mr. Friedman, who is a retired chairman of Goldman, Sachs & Co., is chairman of Stone Point Capital, a private equity firm. He is also chairman of the president's Foreign Intelligence Advisory Board and the Intelligence Oversight Board, and has served as assistant to President Bush for economic policy and was director of the National Economic Council.

Mr. Friedman is currently a board member of the Goldman Sachs Group, Inc., Memorial Sloan Kettering Cancer Center, the Aspen Institute, and the Council on Foreign Relations. He received a Bachelor of Arts from Cornell University and an LL.B. from Columbia Law School.

Mr. Hughes is president of New York State AFL-CIO. Following the terrorist events of September 11, 2001, Mr. Hughes coordinated labor's successful efforts to secure $20 billion in federal funding to help rebuild New York City and New York state. Mr. Hughes holds a bachelor of science degree from the Empire State Colleges's Harry Van Arsdale School of Labor Studies.