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Policy Responses During The Depth Of The 2007- 09 Financial Crisis: Instrument Innovations, Executive Reconfigurations, And Legacies For U.S. Governance

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Executive Summary

This paper shows that these two characteristics of response to crises, strengthening of the executive, and centralization under a new or newly-empowered lead agency within the executive branch of government, are apparent in U.S. management of the current financial crisis. There is no space here to describe the multiplicity of crisis management and stimulus programs and their genesis and transformations comprehensively. It is also not possible to present and evaluate the changing official rationales of all the agencies involved in the management of the current crisis.

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