His stress test: New York Fed Chairman’s Ties to Goldman Raise Questions
From the Fed: Stephen Friedman Resigns as Chairman of the New York Fed’s Board of Directors
Letter of resignation
Last Fall, after Goldman Sachs Group, Inc. became a bank holding company, I agreed to remain on the Board, pursuant to the waiver authority of the Board of Governors of the Federal Reserve System, to provide continuity during a time of financial market instability. 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. The Federal Reserve System has important work to do and does not need this distraction.