NEW YORK—The Board of Governors of the Federal Reserve System redesignated Stephen Friedman chairman of the board of directors of the Federal Reserve Bank of New York for 2009. Mr. Friedman, chairman of Stone Point Capital, LLC, a private equity firm, has been serving as a class C director and chairman since January 2008.
The Board of Governors has also redesignated Denis M. Hughes deputy chairman of the New York Fed’s board of directors for 2009. Mr. Hughes, who is president of New York State AFL-CIO, has served as a class C director since January 2006 and has been serving as a deputy chairman since January 2007. He joined the board as a class B director in January 2004.
The board of directors of the Federal Reserve Bank of New York consists of nine members, three of whom are appointed by the Board of Governors of the Federal Reserve System as class C directors. The remaining six (three class A and three class B directors) are elected by member banks in the Second Federal Reserve District. Class A directors are drawn from the banking community. Class B and C directors are individuals chosen from professions outside the banking community and typically represent business, industry, agriculture, labor and consumers.