Timothy F. Geithner has agreed to a three-year term as chair of the Advisory Board of the Yale Program on Financial Stability (YPFS) at the Yale School of Management. Geithner, who served as the 75th Secretary of the U.S. Department of the Treasury from 2009 to 2013, is currently the president of Warburg Pincus and was previously president and CEO of the Federal Reserve Bank of New York. Over the last year, Geithner has participated in a number of activities with Yale SOM and YPFS, which aims to mitigate crises by improving the understanding and management of systemic risk in the financial system. These activities included co-teaching the Yale University course The Global Financial Crisis with Andrew Metrick, the faculty director of YPFS.
Edward A. Snyder, Dean of the Yale School of Management, said of the appointment: “Secretary Geithner has unmatched expertise and a deep commitment to improving financial regulation worldwide. We are extremely pleased that he will continue to work closely with our Program on Financial Stability, the purpose of which is to be much better prepared for future financial crises.”
Founded in 2013 with support from a significant three-year grant from the Alfred P. Sloan Foundation, the YPFS is creating and managing a repository of practical knowledge that organizes and annotates primary sources, synthesizes these sources with academic research, and summarizes the results into digestible cases. Through these cases, the program seeks to answer key questions: How do institutions and regulators manage systemic risk, and how can they do it better? Once a crisis strikes, what policies have worked, what policies have failed, and why?
Geithner said that he welcomes the opportunity to take on an additional role at YPFS: “I am delighted to be continuing and deepening my engagement with Yale and with the Program on Financial Stability. YPFS is playing a unique role in the financial-regulation community by providing a bridge between the academic and the policymaker and bringing more analytical rigor to distilling the practical lessons from recent experience.”
Metrick, who, in addition to his role as YPFS program director serves as deputy dean and Michael H. Jordan Professor of Finance and Management at Yale SOM, said that the unfolding financial crisis in Greece underscores the necessity of YPFS and its work to connect regulators.
Our collaboration with Secretary Geithner will help us continue to foster discussion and connection within this global community, while also making the results of our work broadly available.
“Recent events demonstrate the need for a community of scholars and policymakers who, while continuing to study the dynamics of financial crises, also focus on policy responses that can minimize economic damage,” he said. “Our collaboration with Secretary Geithner will help us continue to foster discussion and connection within this global community, while also making the results of our work broadly available.”
YPFS will host a slate of programs this summer, starting with the Systemic Risk Institute, a two-week meeting for “rising stars” in central banks and regulatory agencies. The institute concludes with the Financial Crisis Forum, which gathers senior policymakers from these same agencies. These invitation-only events will be followed by the program’s 2015 conference, Fighting a Financial Crisis, on August 8. This conference is open to the public, with registration available online.