Stephen Friedman, chairman of the Federal Reserve Bank of New York, stepped down from his post late Thursday. The 71-year-old came under fire when a regulatory filing revealed that he upped his stake in Goldman Sachs Group (NYSE: GS) during late 2008, when the bank holding company was under the New York Fed's supervision.

"Today, although I have been in compliance with the rules, my public service motivated continuation on the Reserve Bank Board is being mischaracterized as improper," wrote Friedman in his letter of resignation. "The Federal Reserve System has important work to do and does not need this distraction."

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NY Fed chair steps down amid Goldman Sachs stock uproar originally appeared on BloggingStocks on Fri, 08 May 2009 11:30:00 EST. Please see our terms for use of feeds.