Mindful of previous conflict of interest charges, the Federal Reserve Bank of New York chose a nonprofit leader Monday to fill a board seat that was held by a former executive of Goldman Sachs.

Kathryn Wylde, the president and chief executive of the Partnership for New York City, succeeds Stephen Friedman, a Goldman alumnus who remained on the New York Fed's board after his firm converted to a bank holding company last fall. Fed policy bars officers of banks from the type of board seat Friedman held, but the New York Fed sought a waiver from officials in Washington to make an exception for him.

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