Union Chief Selected Chairman of New York Fed

The AFL-CIO executive who played a key role in former Gov. Eliot Spitzer's 2007 workers' compensation reforms has been chosen as chairman of the Federal Reserve Bank of New York.The New York Fed announced Monday that Denis M. Hughes will serve as chairman of its governing board for the balance of 2009.Hughes is president of the New York AFL-CIO and was a key negotiator in former Spitzer's reforms of the state workers' compensation system.The New York Fed also stepped in last September with an $85-billion bailout loan for American international Group (AIG) hour before it had pla...