<P> Economic historian Charles P. Kindleberger states that Strong was one of the few U.S. policymakers interested in the troubled financial affairs of Europe in the 1920s, and that had he not died in 1928, just a year before the Great Depression, he might have been able to maintain stability in the international financial system; </P> <P> After Strong died in 1928, the New York Bank lost its energetic leadership . In the 1930s some of its power was transferred to the Federal Reserve System headquarters in Washington . </P> <P> In 2009, the New York Federal Reserve Bank commissioned a probe into its own practices . David Beim, finance professor at Columbia Business School submitted a report in 2009, released by the Financial Crisis Inquiry Commission in 2011, saying "that a number of people he interviewed at the reserve bank believe that supervisors paid excessive deference to banks and, as a result, they were less aggressive in finding issues or in following up on them in a forceful way ." </P> <P> Following Stephen Friedman's resignation on 7 May 2009, Denis Hughes, formerly Deputy Chair, was designated as Interim Chair . The current Chair (for 2013) is Emily Rafferty, President of the Metropolitan Museum of Art . </P>

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