By Yepoka Yeebo
DNAinfo Reporter/Producer
MANHATTAN — Lee Bollinger, the president of Columbia University, will head the Federal Reserve Bank of New York's board of directors the bank announced on Monday.
Bollinger has been on the board since 2007, and has served as deputy for a year. He will replace New York State AFL-CIO labour union leader Denis Hughes on January 1, 2011, according to the Wall Street Journal.
Board members are drawn from local businesses and banks.
The New York Fed was accused of being too close to Goldman Sachs during the financial crisis after the chair at the time, former Goldman executive Stephen Friedman, bought tens of thousands of shares in the investment he was supposed to be regulating.
Bollinger will remain at Columbia while he heads the New York Fed.
