Exhibit 788

Letter of Stephen Friedman to William C. Dudley, resigning as Class C Director and Chairman, Federal Reserve Bank of New York

Exhibit 788 · Correspondence

Letter of Stephen Friedman to William C. Dudley, resigning as Class C Director and Chairman, Federal Reserve Bank of New York

although I have been in compliance with the rules, my public service motivated continuation on the Reserve Bank Board is being mischaracterized as improper.

Friedman resigns as a Class C director and chairman. He writes that after Goldman Sachs became a bank holding company he remained on the board under the Board of Governors' waiver authority, to provide continuity. Federal Reserve Act sec. 15 provides that no Class C director may be an officer, director, employee or stockholder of any bank.

Source: Stephen Friedman
Date: 7 May 2009
Quoted from: Letter, second paragraph
Grade: Primary record
Document: https://www.newyorkfed.org/medialibrary/media/newsevents/news/aboutthefed/2009/oa090507.pdf
Accessed: 2026-11-09
Cited by: Findings citing this exhibit

Cited by

Finding POL-8.7: Primary record Stephen Friedman resigned as Class C director and chairman of the New York Fed on 7 May 2009, writing that he had remained on the board under a Board of Governors waiver after Goldman Sachs became a bank holding company. The New York Fed's general counsel stated that Friedman's purchases of Goldman shares in December 2008 and January 2009 did not violate any Federal Reserve statute, rule or policy.