Columbia President Lee Bollinger is tapped to head the Federal Reserve Bank of New York's board of directors. He's been on the board since 2007 and will start his term as chair next year. The current chair, Denis Hughes, a labor leader, is stepping down because of rules for how long chairs can serve; the previous chair, "Stephen Friedman, a former Goldman Sachs executive and Bush administration official, stepped down from his spot as May 2009 amidst scrutiny of his purchases of Goldman Sachs stock during the financial crisis." The Wall Street Journal also reports, "Chairs of regional Fed boards receive a $5,000 annual retainer, along with modest fees to compensate for the times they are engaged in bank business."