Economist · Researcher · Policy Advisor

Seung Jung Lee

Deputy Associate Director
Financial Stability Cyber & AI Solutions Lab (FS CASL)
Division of Financial Stability
Board of Governors of the Federal Reserve System

"Exit the world a better place and leave an eternal trace."

Background & Education

I am a Deputy Associate Director at the Board of Governors of the Federal Reserve System, where I lead the Financial Stability Cyber & AI Solutions Lab (FS CASL) within the Division of Financial Stability. My work sits at the intersection of financial stability monitoring, emerging technology risk, and advanced quantitative methods.

My research agenda spans financial crises, macroprudential and monetary policy, syndicated lending markets, and — increasingly — the implications of artificial intelligence, large language models, and cybersecurity for the financial system. I have developed early warning systems, applied machine learning and NLP to central bank communications and examination data, and contributed to frameworks for monitoring systemic vulnerability.

Prior to my current role I served as Assistant Director, Chief of the International Financial Stability Section, and in several economist and project manager positions at the Board, spanning quantitative risk management, banking analysis, and international finance.

Education
Ph.D., Economics University of Chicago · 2006
M.A., Economics University of Chicago · 2001
B.A., Economics Yale University · 1998
Seung Jung Lee
Seung Jung Lee
Deputy Associate Director
Division of Financial Stability
Federal Reserve Board

Academic Interests

Financial Stability Artificial Intelligence Cyber Risk Macroprudential Policy Monetary Policy Syndicated Lending Banking Bank Supervision & Regulation Early Warning Systems Machine Learning Natural Language Processing Matching Data & Entity Resolution Quantum Computing Large Language Models Systemic Risk

Professional Experience

2023 – Present
Deputy Associate Director
Board of Governors of the Federal Reserve System — Division of Financial Stability
2021 – 2023
Assistant Director
Board of Governors of the Federal Reserve System
2018 – 2021
Chief, International Financial Stability Section
Board of Governors of the Federal Reserve System
2015 – 2018
Senior Economic Project Manager
Board of Governors of the Federal Reserve System
2014 – 2015
Principal Economist, International Financial Stability Section
Board of Governors of the Federal Reserve System
2009 – 2014
Senior Economist, Banking Analysis Section
Board of Governors of the Federal Reserve System
2006 – 2009
Economist, Quantitative Risk Management Section
Board of Governors of the Federal Reserve System

Selected Research

2026 FEDS Working Paper
S. Du, F. Haberkorn, I. Kitschelt, S.J. Lee, A. Monken, D. Saez, K. Shipman, S. Thakur
Finance and Economics Discussion Series, 2026
2025 FEDS Working Paper
A.L. Hansen & S.J. Lee
Finance and Economics Discussion Series, 2025
2025 FEDS Working Paper
J.W. Chang, J. Dice, S. Du, A. Flury, S. Jerow, S.J. Lee, S. Schreft, C. Vandre
Finance and Economics Discussion Series, 2025
2025 FEDS Working Paper
V. Luccioli, R. Iyengar, R. Panley, F. Haberkorn, X. Ge, L. Crane, N. Sinha, S.J. Lee
Finance and Economics Discussion Series, 2025
2024 Journal Article
E. Afanasyeva, S. Jerow, S.J. Lee, M. Modugno
Journal of Financial Stability, 2024
2023 Journal Article
M. Chen, M. DeHaven, I. Kitschelt, S.J. Lee, M.J. Sicilian
Journal of Risk and Financial Management, 2023
2022 FEDS Working Paper
M. Cowhey, S.J. Lee, T.P. Spiller, C.M. Vojtech
Finance and Economics Discussion Series, 2022
2022 Journal Article
S.J. Lee, L.Q. Liu, V. Stebunovs
Journal of Banking & Finance, 2022
2022 Journal Article
S. Aramonte, S.J. Lee, V. Stebunovs
Journal of Banking & Finance, 2022
2021 Journal Article
G.J. Cohen, J. Dice, M. Friedrichs, K. Gupta, W. Hayes, I. Kitschelt, S.J. Lee, et al.
Journal of Financial Research, 2021
2020 Journal Article
P. Calem, R. Correa, S.J. Lee
Journal of Financial Intermediation, 2020
2020 Journal Article
S.J. Lee, K.E. Posenau, V. Stebunovs
Journal of Banking & Finance, 2020
2017 Journal Article
D. Aikman, M.T. Kiley, S.J. Lee, M.G. Palumbo, M.N. Warusawitharana
Journal of Banking & Finance, 2017
2015 Journal Article
W.F. Bassett, S.J. Lee, T.P. Spiller
Journal of Banking & Finance, 2015
2021 FEDS Note
D. Bodovski, H. Firestone, S.J. Lee, V. Stebunovs
FEDS Notes, 2021
2019 FEDS Note
S.J. Lee, D. Li, R.R. Meisenzahl, M.J. Sicilian
FEDS Notes, 2019

Selected Recent Presentations

Oct 2025
Seminar
AI Road Map for Financial Stability
Federal Reserve Bank of Chicago · Chicago, IL
Oct 2025
Conference
Financial Stability Implications of Generative AI: Taming the Animal Spirits
19th International Behavioural Finance Conference · Chicago, IL
Oct 2025
Conference
Cyber Vulnerabilities at Large U.S. Financial Institutions and Their Third-Party Service Providers
Third-Party Service Provider Risks Workshop · Fed Dallas Houston Branch
Oct 2025
Panel
AI in Central Banking Panel Discussion
2025 FRBNY Central Banking Seminar · New York, NY
Apr 2025
Panel
Generative AI in Action Panel Moderation: Insights from Super Users
Data and AI Expo · Board of Governors, Washington, DC
Dec 2024
Conference
Financial Stability Considerations of Artificial Intelligence
CGDFS Virtual Workshop on AI and Financial Stability
Oct 2024
Conference
Monitoring Cyber Vulnerabilities and Risks
FSOC Systemic Risk Committee Meeting · U.S. Department of the Treasury, DC
May 2024
Conference
Financial Stability Implications of the Growing Use of AI in Finance
OECD-FSB Roundtable on Artificial Intelligence in Finance · Paris, France
May 2024
Conference
Do Anecdotes Matter? Exploring the Beige Book through Textual Analysis
Econdat Conference · King's College London, UK
Feb 2024
Seminar
Do Anecdotes Matter? Exploring the Beige Book through Textual Analysis
Big Data Big Talks · International Monetary Fund, Washington, DC

Other Activities

Conference Organization

  • Southern Finance Association Annual Meeting — Program Committee (2023)
  • IFABS Oxford Conference — Scientific Committee (2023)
  • ECB-FRB Joint Workshop on Financial Stability — Organizing & Scientific Committee (2021)
  • AEA Annual Meeting — Session Organizer (2020)
  • Nontraditional Data, ML & NLP in Macroeconomics Conference — Scientific Committee (2019)
  • Financial Stability Monitoring and Early Warning Systems Round Table — Organizer (2016)

Editorial Roles

  • Editorial Board Member, Measurement: Interdisciplinary Research and Perspectives (2023–present)
  • Guest Editor, Journal of Credit Risk, Special Issue Vol. 16 No. 3 (2020)

Referee Service

  • Journal of Banking and Finance
  • Journal of Financial Stability
  • Journal of International Economics
  • Journal of Financial and Quantitative Analysis
  • Economic Inquiry
  • International Finance
  • International Journal of Forecasting
  • Journal of Economic Dynamics and Control
The views expressed on this website are solely the responsibility of the author and should not be interpreted as reflecting the views of the Board of Governors of the Federal Reserve System or of any other person associated with the Federal Reserve System.