Friedman stands down from New York Fed

Stephen Friedman, chairman of the board of directors at the Federal Reserve Bank of New York, has resigned his post following controversy over his decision to remain on the board of directors at Goldman Sachs.

"Last Fall, after Goldman Sachs 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," Friedman wrote in his resignation