Document Type

Lessons Learned

JEL Codes

G01, G28


Deborah Perelmuter has spent more than three decades with the Federal Reserve System. In 2008, as senior vice president at the Federal Reserve Bank of New York (FRBNY) and co-head of Capital Markets Analysis and Trading (CMAT) within the Markets Group, she was tasked with setting up the operational details of the Term Securities Lending Facility (TSLF). The TSLF auctioned Treasury securities to primary dealers in exchange for less liquid collateral to provide liquidity to those firms during the Global Financial Crisis of 2007–2009. Perelmuter became senior financial stability adviser within the office of the director in the FRBNY’s Research and Statistics Group. In January 2010, she was appointed to a new position in the FRBNY Communications Group, charged with improving the bank’s overall communications and transparency. This Lesson Learned is based on an interview with Perelmuter that occurred on March 24, 2021

Date Revised