Announcement of the next president of the Chicago Fed

CHICAGO (December 1, 2022) — Austan D. Goolsbee has been named president and chief executive officer of the Federal Reserve Bank of Chicago, effective January 9, 2023. Helene Gayle said. From Chicago.

“Austan is an exceptional choice to be the next president of the Federal Reserve Bank of Chicago. He is a highly accomplished economist with extensive policy experience and a strong commitment to public service. I am confident in his future success as a national politician and chief executive of the Chicago Fed,” said Gale, who served as chairman of the presidential search committee.

Goolsbee is currently the Robert P. Gwinn Professor of Economics at the University of Chicago Booth School of Business, in his 28th year on the faculty. He previously served as the Chairman of the Council of Economic Advisers and a member of the President’s Cabinet in Washington.

Goolsbee is a leading empirical economist whose research spans a wide range of industries, including technology, manufacturing, airlines, automotive, retail, business investment and services. His research earned him recognition as a Fulbright Scholar and an Alfred P. Sloan Fellow.

Goolsbee has served on the Board of Education for the City of Chicago, the Federal Reserve Bank of New York’s Economic Advisory Board, the Congressional Budget Office’s Economic Advisory Panel, the US Census Advisory Committee, and the Digital Economy Advisory Board. To the Department of Commerce and the External Advisory Group on Digital Technologies for the International Monetary Fund.

He has long advocated the use of new data sources in economics and helped create the leading private sector index of inflation online, documenting how it behaves differently from standard measures such as the Consumer Price Index. He is an outspoken advocate for expanding diversity in the economy, particularly expanding the education pipeline.

He has a Ph.D. He received a degree in economics from the Massachusetts Institute of Technology and a master’s degree in economics from Yale University.

“The Federal Reserve Bank of Chicago has always been one of the crown jewels of the Fed system, and the region it represents is the backbone of the American economy,” Goolsbee said. “I am both humbled and excited to serve the community in this role. These were difficult, unprecedented times for the economy. The bank has an important role in helping the region overcome them and develop forward.”

Goolsby, 53, succeeds Charles L. Evans, who will retire in January after 15 years as president and chief executive officer of the Chicago Fed. Goolsby will be the 10th president of the Chicago Fed.

“After a rigorous nationwide search, we are confident that Austan is the right person to lead the Chicago Fed, advancing both the vision and mission of the Reserve Bank and the work of the Federal Reserve System, while serving the Seventh District,” he said. Acting co-chairman of the search committee is David Habiger.

As president of the Chicago Fed, Goolsbee will serve the nation and the Seventh Federal Reserve District, an economically and demographically diverse region comprised of Iowa and most of Illinois, Indiana, Michigan and Wisconsin. Goolsbee will contribute to the formulation of national monetary policy as a member of the Federal Open Market Committee, while also leading the Chicago Fed, which researches and monitors local economic conditions, supervises and regulates banking institutions, and provides financial services in support of monetary policy formulation. to banks and similar institutions, as well as to the US government.

The selection follows an extensive national search process consistent with the Federal Reserve Act and Board of Governors policy. The process began in April with the creation of a search committee made up of non-bank members of the Chicago Fed’s board. The committee was chaired by Dr. Gale, former president and CEO of The Chicago Community Trust and now president of Spelman College. Habiger, president and CEO of JD Power, served as co-chairman. Other members of the search committee were Jennifer Scanlon, president and CEO of UL Solutions, and Linda Cojo, executive vice president and chief customer officer of United Airlines, Inc.

As part of the search process, the committee sought input from a wide range of external and internal audiences. This included a series of focus groups across the region with participants representing small business, economic development, agriculture and labor organizations. The committee hosted a public town hall and conducted a digital outreach campaign seeking nominations from the public and feedback on what the committee should look for in the next president of the Chicago Fed.

The committee has identified a wide, highly qualified and diverse pool of candidates from different backgrounds, professions and regions of the country. The committee members interviewed the candidates multiple times before selecting them. The Bank’s B and C class directors appointed the new president of the Bank. Class B and C directors are those who are not associated with banks or related financial service institutions. The selection was later approved by the Federal Reserve Board of Governors.

Goolsbee will serve the remainder of President Evans’ current five-year term, which begins March 1, 2021, and ends February 28, 2026, at which time he will be considered for reappointment through a rigorous and comprehensive process overseen by the Board of Governors. Goolsbee will become a voting member of the Federal Open Market Committee when he takes office in 2023, following a set rotation of Reserve Banks.

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