Ben S. Bernanke - First Responders

First Responders

The authors of this book served under Presidents George W. Bush and Barack Obama at the Board of Governors of the Federal Reserve System (Federal Reserve Board), the Federal Deposit Insurance Corporation, the Federal Reserve Bank of New York, and the U.S. Department of Treasury during the crisis years.

Scott G. Alvarez (Nonbanks, Legal) was general counsel of the Federal Reserve Board.

Michael Barr (Housing) was assistant secretary of the Treasury for financial institutions under Secretary Timothy F. Geithner.

Thomas C. Baxter, Jr. (Legal) was general counsel and executive vice president of the Federal Reserve Bank of New York.

Ben S. Bernanke (Editor; Introduction) was chairman of the Federal Reserve Board from 2006 to 2014.

Tim Clark (Banks II) was senior adviser, Division of Banking Supervision and Regulation of the Federal Reserve Board.

Brian Deese (Autos) was special assistant to President Obama for economic policy.

William C. Dudley (Nonbanks) was president of the Federal Reserve Bank of New York from 2009 to 2018, and before that, system open market account manager to the Federal Open Market Committee and head of the markets group at the Federal Reserve Bank of New York.

William B. English (Classic Lender of Last Resort) was deputy director, Division of Monetary Affairs, Federal Reserve Board, and later became director.

Jason Furman (Fiscal Policy) was deputy director of the White House National Economic Council and deputy assistant to President Obama for economic policy from 2009 to 2010. He later served as chairman of Obamas Council of Economic Advisers.

Timothy F. Geithner (Editor; Introduction) was president of the Federal Reserve Bank of New York from 2003 to 2009 and the 75th secretary of the Treasury from 2009 to 2013 under President Obama.

Robert F. Hoyt (Legal) was general counsel of the Department of the Treasury under both Secretaries Henry M. Paulson, Jr., and Geithner.

Dan Jester (GSEs, Banks I, Autos) was a contractor for the Department of the Treasury under Secretary Paulson.

Matthew Kabaker (GSEs, Banks II) was senior adviser to Treasury Secretary Geithner and deputy assistant secretary, capital markets.

Neel T. Kashkari (Housing, TARP) was assistant secretary of Treasury for international economics and development under Secretary Paulson and later interim assistant secretary of Treasury for financial stability under Secretaries Paulson and Geithner.

Donald Kohn (Monetary Policy) was the vice chairman of the Federal Reserve Board from 2006 to 2010.

Michael H. Krimminger (Debt Guarantees) was special adviser for policy to Chairman Sheila Bair, deputy to the chairman for policy, and general counsel of the Federal Deposit Insurance Corporation.

Andreas Lehnert (Housing) was chief, Household and Real Estate Finance Section, and assistant director, Division of Research and Statistics, at the Federal Reserve Board.

J. Nellie Liang (Editor; Nonbanks, Outcomes) was associate director, Division of Research and Statistics, at the Federal Reserve Board, and later became director of the Division of Financial Stability.

Lorie Logan (Novel Lender of Last Resort) was vice president and director of Treasury markets, Federal Reserve Bank of New York.

Clay Lowery (International) was assistant secretary of Treasury for international affairs under Secretary Paulson.

Timothy G. Massad (TARP) was in the Office of Financial Stability from May 2009 to June 2014, first as chief counsel and then as assistant secretary of Treasury for financial stability under Secretaries Geithner and Jacob Lew.

Margaret M. M c Connell (Outcomes) was deputy chief of staff for policy, Federal Reserve Bank of New York.

Patricia C. Mosser (Classic Lender of Last Resort) was senior vice president, markets group, Federal Reserve Bank of New York, and also the acting system open market account manager for the Federal Open Market Committee in 2009.

David Nason (Banks I) was assistant secretary of Treasury for financial institutions under Secretary Paulson.

William Nelson (Novel Lender of Last Resort) was associate director, Division of Monetary Affairs, Federal Reserve Board.

Jeremiah Norton (GSEs, Banks I) was deputy assistant secretary of Treasury for financial institutions under Secretary Paulson.

Patrick Parkinson (Novel Lender of Last Resort) was deputy director, Division of Research and Statistics, Federal Reserve Board.

Henry M. Paulson, Jr. (Editor; Introduction) was the 74th secretary of the Treasury from 2006 to 2009 under President George W. Bush.

Lee Sachs (GSEs, Banks II) was counselor to Treasury Secretary Geithner.

Brian Sack (Monetary Policy) was system open market account manager for the Federal Open Market Committee and head of the markets group at the Federal Reserve Bank of New York from 2009 to 2012.

Steven M. Shafran (Money Market Fund Guarantees, Autos) was senior adviser to Treasury Secretary Paulson.

Nathan Sheets (International) was director of the division of international finance at the Federal Reserve Board.

Phillip Swagel (Housing, Outcomes) was assistant secretary of Treasury for economic policy under Secretary Paulson.

Edwin (Ted) Truman (International) was counselor to Treasury Secretary Geithner.

James R. Wigand (Triage & Resolution) was deputy director of the Federal Deposit Insurance Corporation Division of Resolutions and Receiverships and served as the FDICs chief resolution strategist during the crisis.

INSIDE THE U.S. STRATEGY FOR FIGHTING THE 20072009 GLOBAL FINANCIAL CRISIS

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EDITED BY

BEN S. BERNANKE, TIMOTHY F. GEITHNER,
AND HENRY M. PAULSON, JR.,
WITH J. NELLIE LIANG

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This book is the result of a project supported by the Brookings Institutions Hutchins Center on Fiscal & Monetary Policy, David Wessel, director, and the Yale Program on Financial Stability at the Yale School of Management, Andrew Metrick, director.

Copyright 2020 by Ben S. Bernanke, Timothy F. Geithner, and Henry M. Paulson, Jr.

All rights reserved.

This book may not be reproduced, in whole or in part, including illustrations, in any form (beyond that copying permitted by Sections 107 and 108 of the U.S. Copyright Law and except by reviewers for the public press), without written permission from the publishers.

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Library of Congress Control Number: 2019940872
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The views expressed in each chapter are strictly those of the author(s) and do not necessarily represent the views of the Federal Reserve Board, the Federal Reserve Banks of New York or Minneapolis, or any other organization or entity with which the authors may be associated.

BEN S. BERNANKE, TIMOTHY F. GEITHNER, AND HENRY M. PAULSON, JR.

WILLIAM B. ENGLISH AND PATRICIA C. MOSSER

LORIE LOGAN, WILLIAM NELSON, AND PATRICK PARKINSON