Document Type

Lessons Learned

JEL Codes

G01, G28


Michael Held worked at the Federal Reserve Bank of New York (FRBNY) from 1998 to 2022 and served as its general counsel during the COVID-19 crisis. He met with the Yale Program on Financial Stability (YPFS) to share insights related to the Fed’s crisis responses—particularly those during the pandemic. This Lessons Learned is based on an interview conducted with Held on June 12, 2022.