NY Fed Names State AFL-CIO President as Chairman
Nonetheless Hughes' appointment is considered a departure, as he has no banking experience, having mainly worked as an electrician and labor leader. The Wall Street Journal naturally blames regulation, and "critics" who "say the New York Fed is too cozy with Wall Street" -- which describes the situation of departed chairman Friedman...
Conservatives may also be disturbed to learn Hughes has said that as Chairman "my job is to do whatever I can to make sure working families are considered when decisions are made."
New Vice-Chair Bollinger is the President of Columbia University, which suggests Goldberg's opposition may be rooted in school rivalry (Goldberg is an alumnus of Goucher College), or in Bollinger's invitation of Iranian President Mahmoud Ahmadinejad to speak at Columbia in 2007, though Bollinger's harsh introduction of Ahmadinejad pleased Goldberg at the time.