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==Chairman of New York Federal Reserve Board==
==Chairman of New York Federal Reserve Board==


Friedman was the Chairman of the New York Federal Reserve Board, a body which implements the Wall Street policies of the Federal Reserve, during a period of immense financial market upheaval, from January 2008 until May 7, 2009.<ref>{{cite web|title=Directors of the Federal Reserve Bank of New York: 2008 Annual Report|url=http://www.newyorkfed.org/aboutthefed/annual/annual08/directors.pdf|publisher=New York Federal Reserve|accessdate=10 September 2014|page=83|year=2009}}</ref> When Goldman Sachs was converted to a bank holding company in September 2008 the bank then came under the regulatory authority of the New York Fed, which made Friedman’s position as a member of Goldman Sachs’ board a violation of Federal Reserve policy. At the time of the conversion Friedman requested a waiver from this violation, which was granted about 10 weeks later.<ref>{{cite web|title=Friedman Resigns as Chairman of New York Fed|url=http://dealbook.nytimes.com/2009/05/07/friedman-resigns-as-chairman-of-new-york-fed/|website=DealB%k|publisher=New York Times|accessdate=10 September 2014|date=May 7, 2009|quote=The New York Fed asked for a waiver, which, after about two and a half months, the Fed granted.}}</ref> On May 7, 2009 Friedman resigned as Chairman of the Federal Reserve Bank of New York. In his letter of resignation Friedman explains why: ‘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 mis-characterized as improper. The Federal Reserve System has important work to do and does not need this distraction.’<ref>{{cite web|last1=Friedman|first1=Stephen|title=Letter of Resignation to Ben Bernanke|url=http://www.newyorkfed.org/newsevents/news/aboutthefed/2009/oa090507.pdf|publisher=Personal Letter|accessdate=10 September 2014|date=May 7, 2009}}</ref>
Friedman was the Chairman of the [[New York Federal Reserve|New York Federal Reserve Board]], a body which implements the Wall Street policies of the Federal Reserve, during a period of immense financial market upheaval, from January 2008 until May 7, 2009.<ref>{{cite web|title=Directors of the Federal Reserve Bank of New York: 2008 Annual Report|url=http://www.newyorkfed.org/aboutthefed/annual/annual08/directors.pdf|publisher=New York Federal Reserve|accessdate=10 September 2014|page=83|year=2009}}</ref> When Goldman Sachs was converted to a bank holding company in September 2008 the bank then came under the regulatory authority of the New York Fed, which made Friedman’s position as a member of Goldman Sachs’ board a violation of Federal Reserve policy. At the time of the conversion Friedman requested a waiver from this violation, which was granted about 10 weeks later.<ref>{{cite web|title=Friedman Resigns as Chairman of New York Fed|url=http://dealbook.nytimes.com/2009/05/07/friedman-resigns-as-chairman-of-new-york-fed/|website=DealB%k|publisher=New York Times|accessdate=10 September 2014|date=May 7, 2009|quote=The New York Fed asked for a waiver, which, after about two and a half months, the Fed granted.}}</ref> On May 7, 2009 Friedman resigned as Chairman of the Federal Reserve Bank of New York. In his letter of resignation Friedman explains why: ‘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 mis-characterized as improper. The Federal Reserve System has important work to do and does not need this distraction.’<ref>{{cite web|last1=Friedman|first1=Stephen|title=Letter of Resignation to Ben Bernanke|url=http://www.newyorkfed.org/newsevents/news/aboutthefed/2009/oa090507.pdf|publisher=Personal Letter|accessdate=10 September 2014|date=May 7, 2009}}</ref>


==Public service==
==Public service==

Revision as of 09:57, 10 September 2014

Stephen Friedman (born December 21, 1937)[1] is the former Chairman of the United States President's Foreign Intelligence Advisory Board. He was nominated on October 27, 2005 to replace Brent Scowcroft in the position.

Education

Stephen Friedman received his BA from Cornell University[2] in 1959 and his law degree from Columbia University Law School[3] in 1962.[4] At Cornell he was a wrestler[5] and a member of the Quill and Dagger society.[6] At Columbia he was on the Law Review.[7]

Career

In 1966 Friedman joined Goldman Sachs and became a partner in 1973. From 1987 until November 1990 he was the co-chief operating officer and either co-chairman or chairman between the years 1990 to 1994.[8] Friedman re-joined the board of Goldman in April 2005, and stepped down from serving on the board on May 22, 2013.[9]

In 1998 Friedman joined Stone Point Capital LLC. He also served as Senior Advisor at Crestview Partners, LP and a Special Limited Partner and Member of the Executive Advisory Board of Insight Venture Partners.[10]


From 1998 to 2002, he served as a senior principal of Marsh & McLennan Capital Corp.[11][12] In March 1999 President Clinton announced his intention to appoint Friedman and Crescencio S. Arcos to serve as Members of the President’s Foreign Intelligence Advisory Board.[13]

From December 2002 to December 2004 Friedman was United States Assistant to President George W. Bush for Economic Policy as well as the director of the National Economic Council.[14] On October 27, 2005 Friedman was asked to replace Brent Scowcroft as the Chairman of the President’s Foreign Intelligence Advisory Board.[15]

Chairman of New York Federal Reserve Board

Friedman was the Chairman of the New York Federal Reserve Board, a body which implements the Wall Street policies of the Federal Reserve, during a period of immense financial market upheaval, from January 2008 until May 7, 2009.[16] When Goldman Sachs was converted to a bank holding company in September 2008 the bank then came under the regulatory authority of the New York Fed, which made Friedman’s position as a member of Goldman Sachs’ board a violation of Federal Reserve policy. At the time of the conversion Friedman requested a waiver from this violation, which was granted about 10 weeks later.[17] On May 7, 2009 Friedman resigned as Chairman of the Federal Reserve Bank of New York. In his letter of resignation Friedman explains why: ‘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 mis-characterized as improper. The Federal Reserve System has important work to do and does not need this distraction.’[18]

Public service

Friedman is involved in several public service activities, including Chairman Emeritus of the Board of Columbia University,[19] Chairman Emeritus of the Executive Committee of the Brookings Institution,[20] and a member of the Council on Foreign Relations.[21] He is also a benefactor of his alma mater Cornell University, particularly its wrestling program as the college's wrestling building is known as the Friedman Center.[22]

Personal life

Stephen Friedman is married to Barbara Benioff Friedman, chairwoman of the board of governors of Hebrew Union College. The couple live on Fifth Avenue in Manhattan, and have three children, two daughters, Susan and Caroline, and son, David Benioff. Benioff, who goes by his mother’s maiden name, is a writer, screenwriter and creator of Game of Thrones. David is married to actress Amanda Peet.[23]

Friedman's brother is Richard Friedman, a law professor at the University of Michigan and a leading expert in the Confrontation Clause of the United States Constitution.[citation needed]


References

  1. ^ McGeehan, Patrick (December 13, 2002). "Man in the News; Economic Adviser From Other Side of the Deficit -- Stephen Friedman". New York Times.
  2. ^ "Stephen Friedman". Federal Reserve Bank of New York. January 2008. Retrieved 10 September 2014.
  3. ^ "Stephen Friedman". Federal Reserve Bank of New York. January 2008. Retrieved 10 September 2014.
  4. ^ "Keynote Speaker: Stephen Friedman". Columbia Law School. Retrieved 10 September 2014. Mr. Friedman, a 1962 graduate of the law school, spent 28 years with Goldman Sachs & Company where he served as co-chairman (1990-1992) and chairman and senior partner (1992-1994.)
  5. ^ Friedlander, Blaine (Jan. 20, 2003). "Cornell to open nation's first dedicated wrestling center, named for alumni Stephen Friedman and trustee Barbara Benioff Friedman". Cornell Chronicle. Retrieved 10 September 2014. Stephen Friedman is a former Cornell wrestling star and 1959 graduate. {{cite web}}: Check date values in: |date= (help)
  6. ^ "Cornell Alumni News" (LX (18)). 15 June 1958. {{cite journal}}: |access-date= requires |url= (help); Cite journal requires |journal= (help)
  7. ^ "Keynote Speaker: Stephen Friedman". Columbia Law School. Retrieved 10 September 2014. Columbia University Law School, LL.B., 1962 (Law Review)
  8. ^ "Stephen Friedman". Federal Reserve Bank of New York. Retrieved 10 September 2014. He was vice chairman and co-chief operating officer from 1987 to November 1990, and co-chairman or chairman from 1990 to 1994.
  9. ^ ALDEN, WILLIAM (April 4, 2013). "Stephen Friedman to Retire From Goldman Board". DealB%k. New York Times. Retrieved 10 September 2014. He joined Goldman's board in April 2005./A onetime leader of Goldman who worked at the firm for nearly 30 years, Mr. Friedman is stepping down on May 22, the day before Goldman's annual shareholder meeting.
  10. ^ "Executive Profile: Stephen Friedman". Bloomberg Business Week. Retrieved 10 September 2014. Mr. Stephen Friedman serves as a Senior Advisor at Crestview Partners, L.P. He also serves as a Special Limited Partner and Member of Executive Advisory Board of Insight Venture Partners. Mr. Friedman joined Stone Point Capital LLC in 1998.
  11. ^ "Marsh & McLennan". NNDB: Tracking the World. Retrieved 10 September 2014.
  12. ^ Johnson, Loch K. (January 12, 2011). The Threat on the Horizon: An Inside Account of America's Search for Security After the Cold War. Oxford University Press. p. 40. Retrieved 10 September 2014.
  13. ^ "TEXT: CLINTON NAMES ARCOS & FRIEDMAN TO INTELLIGENCE BOARD". http://fas.org/. March 24, 1999. Retrieved 10 September 2014. President Clinton announced March 24 his intent to appoint Cresencio S. Arcos and Stephen Friedman to serve as Members of the President's Foreign Intelligence Advisory Board. {{cite web}}: External link in |website= (help)
  14. ^ "Stephen Friedman". Federal Reserve Bank of New York. Retrieved 10 September 2014. From December 2002 to December 2004, he served as assistant to President George W. Bush for Economic Policy and director of the National Economic Council.
  15. ^ Clemons, Steve (October 27, 2005). "Stephen Friedman Named to Chair President's Foreign Intelligence Advisory Board". Washington Note. Retrieved 10 September 2014.
  16. ^ "Directors of the Federal Reserve Bank of New York: 2008 Annual Report" (PDF). New York Federal Reserve. 2009. p. 83. Retrieved 10 September 2014.
  17. ^ "Friedman Resigns as Chairman of New York Fed". DealB%k. New York Times. May 7, 2009. Retrieved 10 September 2014. The New York Fed asked for a waiver, which, after about two and a half months, the Fed granted.
  18. ^ Friedman, Stephen (May 7, 2009). "Letter of Resignation to Ben Bernanke" (PDF). Personal Letter. Retrieved 10 September 2014.
  19. ^ "Keynote Speaker: Stephen Friedman". Columbia Law School. Retrieved 10 September 2014. Mr. Friedman has maintaned a strong committment to his alma mater and is Chairman Emeritus of the Board of Columbia University.
  20. ^ "Stephen Friedman". NNDB: Tracking the Entire World. Retrieved 10 September 2014.
  21. ^ McDonald, Duff (October 28, 2010). "The man behind Buffett's new man: Stephen Friedman". Fortune. Retrieved 10 September 2014. Friedman is also a trustee of The Council on Foreign Relations.
  22. ^ Friedlander, Blaine (Jan. 20, 2003). "Cornell to open nation's first dedicated wrestling center, named for alumni Stephen Friedman and trustee Barbara Benioff Friedman". Cornell Chronicle. Retrieved 10 September 2014. The $3.5 million facility is named for two Cornell alumni who made the lead gift toward the building, Stephen Friedman, who was appointed to the Bush administration in December, and his wife, Barbara Benioff Friedman. {{cite web}}: Check date values in: |date= (help)
  23. ^ "Stephen Friedman". Gawker. 02/03/08. Retrieved 10 September 2014. {{cite web}}: Check date values in: |date= (help)
Business positions
Preceded by Chairman and CEO, Goldman Sachs
1992–1994 		Succeeded by
Government offices
Preceded by Director of the National Economic Council
2002-2005 		Succeeded by

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