Denis M. Hughes was named board chairman of the Federal Reserve Bank of New York, the agency announced today.
He was deputy chairman of the New York Fed since January 2007 and has been acting chairman since former Chairman Stephen Friedman resigned in May.
Mr. Hughes is president of the New York State AFL-CIO and has been a director at the New York Fed since January 2006.
Lee C. Bollinger will replace Mr. Hughes as deputy chairman. Mr. Bollinger, president of Columbia University, has been a director at the New York Fed since January 2007.
Messrs. Hughes and Bollinger will serve in their new posts through the end of this year.
