Presidential Search
The president of the Federal Reserve Bank of Chicago serves as the chief executive officer of the Bank. This leader is responsible for all the Bank's activities, including monetary policy, bank supervision and regulation, and payments services. The president sets and communicates the strategic vision for the Bank and develops effective strategies and goals to achieve it. The president serves on the Federal Open Market Committee, the Federal Reserve's chief monetary policymaking body.
The role of a Reserve Bank CEO is unique and complex with a wide range of responsibilities. Learn more about the job, its responsibilities, and the experiences and competencies needed.
Federal Reserve Bank of Chicago President and CEO Timeline
On April 21, 2022, the Federal Reserve Bank of Chicago announced that President and CEO Charles L. Evans will retire in January 2023 and that a search committee was established to lead the search for his successor. Diversified Search Group was selected to assist with the search process.
A public website was launched with information on the search, including a description of the process, an introductory video from the search committee, a working draft of the position description, extensive FAQs, and information about the search firm. Dedicated email boxes for feedback and nominations were also established.
Between April 21 and June 2, 2022, the search committee conducted outreach to a wide range of external and internal audiences, including:
- Focus Groups: A series of focus groups with attendees representing small business, economic development, agriculture, and labor organizations in the Seventh District
- Public Town Hall: A video webcast with a panel made up of the search committee co-chairs and search firm representative to discuss the role and responsibilities of a Federal Reserve Bank president, the outreach activities, efforts to identify a diverse slate of candidates, and how the public can submit questions, feedback, or nominations
- Emails: Mailings to a curated list of more than 1,000 stakeholders representing business, labor, and nonprofits, as well as universities, professional associations, and elected officials, asking for feedback on the search process and suggestions for potential candidates
- Social Media: Outreach efforts were widely promoted on the Bank’s social media channels
- Employee Outreach: Surveyed all Federal Reserve Bank of Chicago staff and conducted focus groups with leadership committees and employee groups representing a cross-section of Bank staff
On June 16, 2022, the search committee posted a statement on the public website devoted to the Chicago Fed presidential search summarizing the outreach conducted and feedback received in meetings and focus groups as well as through letters and emails. The search committee noted that the feedback was incorporated by making slight modifications to the position description and would inform its work as the search for the next president continued.
On December 1, 2022, the search committee announced that Austan D. Goolsbee has been selected as the next president of the Federal Reserve Bank of Chicago.
