Document Type

Lessons Learned

JEL Codes

G01, G32


Matthew Rutherford served as the deputy assistant secretary for federal finance at the US Department of the Treasury from 2009 to 2012, before becoming assistant secretary for fi-nancial markets. During his tenure, Rutherford generated reports on the status of mortgage-backed securities wind-downs purchased by the Treasury to stabilize financial and housing markets under the Housing and Economic Recovery Act (HERA). Before joining Treasury, Rutherford worked for the Federal Reserve Bank of New York (FRBNY) and served as liaison with Treasury on the Bank’s behalf. He also helped establish the Department’s Markets Room. This “Lessons Learned” is based on an interview with Rutherford in July 2021.