Board of Governors of the Federal Reserve System

The Federal Reserve Board on Monday announced the appointment of Andreas Lehnert as director of its Division of Financial Stability, effective December 25, 2016. Currently the deputy director of the division, Lehnert has played a key role in implementing the Board's research and policy agenda on financial stability. In 2009, Lehnert helped develop and run the Board's first regulatory stress tests. The following year, he played an integral role in launching the Office of Financial Stability Policy and Research, which became the Division of Financial Stability in May.

"Andreas has been a leader in the Board's thinking about how to identify and reduce threats to the stability of our financial system," said Federal Reserve Board Chair Janet L. Yellen. "We have learned from the crisis that regulators and supervisors must consider both the strength of individual firms and of the financial system as a whole, if we are to address the risks financial instability poses for our economy. I am confident that Andreas will continue to deliver the economic expertise, common sense, and thorough analysis that we have come to rely on as we advance this work."

As division director, Mr. Lehnert will be responsible for leading the Board's work to systematically assess risks to financial stability and to develop policy responses to mitigate those risks. The Division of Financial Stability identifies and monitors significant vulnerabilities in the financial system, including from financial markets and both bank and nonbank financial institutions. It supports an active research program to evaluate the effects of monetary and regulatory policies on systemic risks and develops regulations and policies to reduce the systemic risk of banking institutions, including through the Board's annual stress tests.

Lehnert earned his master's degree from the London School of Economics and his Ph.D. in economics from the University of Chicago, joining the staff of the Federal Reserve Board in 1998.

Lehnert succeeds Nellie Liang, who will serve as senior adviser until her retirement early next year.

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