The Federal Reserve on Wednesday revised its policy on regional directors' interests in banks five months after Stephen Freidman quit as the head of the New York Fed's board after it emerged he bought shares in Goldman Sachs.

Each regional Fed has a board of nine directors, split into three classes: A, B and C. The three class A directors are drawn from the member banks of the regional Fed. The three class B and three class C directors must not be officers, directors, or employees of any bank