NY Fed chair Friedman resigns

Stephen Friedman in a file photo.

NEW YORK (Reuters) - Stephen Friedman, chairman of the New York Federal Reserve's board of directors, resigned on Thursday amid questions about stock purchases in his former firm Goldman Sachs.

The purchases of Goldman Sachs occurred after the firm became a bank holding company.

Denis Hughes, the deputy chair of the board, will take over Friedman's role, the New York Fed said.

(Reporting by Kristina Cooke)