What question did this study set out to answer?

The aim is to explore Michael Silva's experiences and insights during his tenure at the FRBNY during the GFC.

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April 7, 2026

Lessons Learned: Michael Silva

Key Points

The aim is to explore Michael Silva's experiences and insights during his tenure at the FRBNY during the GFC.
Conducted an interview with Michael Silva in September 2020.
Discussed his role coordinating personnel during the GFC.
Reviewed significant events, like the bailouts of Bear Stearns and AIG.
Silva emphasized the importance of effective communication during financial crises.
He noted key lessons in regulatory practices from his experience at FRBNY.
Silva's career reflects a continuity in financial regulation post-GFC.

Abstract

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.

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