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Politics : Welcome to Slider's Dugout

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From: kaydee	11/10/2007 2:11:45 AM
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November 8, 2007, 2:30 pm Private Equity Invades the Fed Private equity, already a huge force on Wall Street, is now invading the halls of the Federal Reserve. Two private-equity executives have been named chairmen of the boards of two of the Fed’s reserve banks. Stephen Friedman, chairman of Stone Point Capital LLC and director of President George Bush’s National Economic Council from 2002 to 2004, will become chairman of the New York Fed’s board next year, the Fed announced today. Mr. Friedman was co-chairman of Goldman Sachs & Co. from 1990 to 1994. John A. Canning, Jr. was named chairman of the Chicago Fed’s board. Mr. Canning is co founder and currently chairman of Madison Dearborn Partners, LLC in Chicago. Reserve banks are quasi-public institutions with member banks owning part of their share capital and appointing some of their directors. Boards primarily oversee the bank’s business affairs, are responsible for naming the president (who sits on the Federal Open Market Committee) and make recommendations on changes to the discount rate, charged on direct loans to commercial banks. They have no direct say in monetary or banking policy. –Greg Ip blogs.wsj.com

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