Fed Stiffens Stock Ownership Rule For Regional Boards

Law360, New York (November 25, 2009, 5:10 PM EST) -- Facing criticism and potential curbs in Congress, the Federal Reserve on Wednesday announced changes to its rules on stock ownership for directors at its 12 regional Fed banks.

The change comes months after former Goldman Sachs Group Inc. CEO Stephen Friedman resigned his position as chairman of the board of the New York Fed following the revelation that he continued to own stock in Goldman Sachs. Friedman resigned his position in May.

Each regional Fed bank has a nine-member board, made up of three separate classes....
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