Press Release
Friedman Designated Chair of New York Fed Board, Hughes Redesignated Deputy Chair
November 8, 2007

NEW YORK—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. He was also appointed a class C director for a three-year term beginning January 1, 2008. Mr. Friedman is chairman of Stone Point Capital, LLC, a private equity firm.

The Board of Governors redesignated Denis M. Hughes deputy chairman of the New York Fed’s board of directors for 2008. Mr. Hughes, who is president of New York State AFL-CIO, has served as a class C director since January 2006. He joined the board as a class B director in January 2004.

Mr. Friedman joined Stone Point Capital in 1998. He is a retired chairman of Goldman, Sachs & Co. Mr. Friedman is chairman of the President’s Foreign Intelligence Advisory Board and of the Intelligence Oversight Board. From December 2002 to December 2004, he served as assistant to President George W. Bush for economic policy and was director of the National Economic Council. Mr. Friedman joined Goldman, Sachs & Co. in 1966 and became a partner in 1973. He was vice chairman and co-chief operating officer from 1987 to November 1990, and co-chairman or chairman from 1990 to 1994.

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. Prior affiliations include chairman of the board, Columbia University and director of Wal-Mart Stores and Fannie Mae.

He received a B.A. degree from Cornell University and an LL.B. from Columbia Law School.

Mr. Hughes was elected president of the New York State AFL-CIO in March, 1999. Since his election, he has been successful in helping pass legislation that provides farm workers greater minimum wage benefits, as well as legislation regarding pension benefits for New York’s public sector workers. Following the September 11th tragedy, 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 joined the New York State AFL-CIO as a political director and assistant to the president in 1985 and in February 1990 was appointed executive assistant to the president.

Mr. Hughes is a graduate of the Empire State Colleges, Harry Van Arsdale School of Labor Studies with a bachelor of science degree.

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 & C directors are individuals chosen from professions outside the banking community and typically represent business, industry, agriculture, labor and consumers.

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