Document Type

Lessons Learned

JEL Codes

G01, G28


Michael Silva was chief of staff to then-President of the Federal Reserve Bank of New York (FRBNY) Timothy Geithner from 2006 to 2009, including the early stages of the Global Financial Crisis (GFC). As such, Silva was critical in the coordination of personnel and information during the GFC, specifically during the period when the FRBNY was addressing liquidity stresses in the bank sector, including the bailout of Bear Stearns, the failure of Lehman Brothers, and the rescue of American International Group. When Geithner became President Barack Obama’s Treasury Secretary in 2009, Silva became chief of staff to his successor at the FRBNY, William Dudley, until 2013. Since leaving the FRBNY, Silva has been in the private sector as a regulatory and compliance officer at GE Capital, DLA Piper, and most recently UBS. This “Lessons Learned” is based on an interview with Mr. Silva in September 2020.

Date Revised