Document Type

Lessons Learned

JEL Codes

G01, G28


Kevin Stiroh was head of the Financial Sector Analysis Supervision Group at the Federal Reserve Bank of New York (FRBNY) during the Global Financial Crisis of 2007–2009 (GFC). At the FRBNY, Stiroh was a leader in the design of the “stress test” for the banking system, the Supervisory Capital Assessment Program (SCAP). In the aftermath of the GFC, members of the FRBNY, including Stiroh, drafted a report on systemic risk and bank supervision, laying out lessons learned from the crisis and their recommendations. In February 2021, Stiroh transitioned from the FRBNY to a leadership position with the Federal Reserve Board where he leads the system’s supervisory work related to the financial risks of climate change and chairs the Supervision Climate Committee, a newly formed Federal Reserve System–wide group that will build the system’s capacity regarding the potential impacts of climate on financial institutions, infrastructure and markets. This Lessons Learned is based on an interview with Stiroh conducted in December 2020.

Date Revised