CHICAGO (April 21, 2022) – The Federal Reserve Bank of Chicago today announced that Charles L. Evans, president and chief executive officer, will retire from his position in early 2023. Dr. Evans joined the Chicago Fed in 1991 and has served in his current role since September 1, 2007. He previously served as director of research and senior vice president, supervising the Bank’s research on monetary policy, banking, financial markets and regional economic conditions as well as its community development and public affairs functions.
“It has been an honor to serve as a president of the Chicago Fed and as a member of the Federal Open Market Committee for the last 14 years,” Evans said. “I have been privileged to work with talented, dedicated and mission-driven colleagues who are singularly focused on serving the public interest, the Seventh District and our nation. I am immensely proud of the work our bank has accomplished."
As a researcher at the Chicago Fed, Evans’ work focused on measuring the effects of monetary policy on U.S. economic activity, inflation and financial market prices. The model he developed in collaboration with Martin Eichenbaum and Lawrence Christiano of Northwestern University serves as the foundation for models used at central banks around the world today. His research has been published in the Journal of Political Economy, American Economic Review, Journal of Monetary Economics, the Handbook of Macroeconomics, and the Brookings Papers on Economic Activity, and includes articles that are among the most cited in the field of monetary economics.
Evans’ research background helped guide his views as a policymaker. This was evident in the monetary policy strategies he promoted during the periods in his tenure when the federal funds rate was constrained by the effective lower bound on interest rates. He consistently advocated policy focusing on doing what was necessary to achieve the Federal Reserve’s dual mandate objectives, which might dictate following somewhat unconventional practices to deal with difficult economic conditions. In that vein, following the Great Financial Crisis, Evans proposed that the Federal Open Market Committee change its broad forward guidance to a threshold-based approach that linked future policy moves more explicitly to unemployment and inflation outcomes. He was also a strong supporter of transparent communication by the Committee and served on the FOMC communications sub-committee that developed the “dot plot” the FOMC now publishes showing participants’ views of appropriate monetary policy.
Jerome Powell, chair of the Board of Governors, said “Charlie has been an influential and insightful voice at the monetary policy making table for nearly 15 years. He is our longest-serving member and has been engaged in public service at the Chicago Fed for more than three decades. Charlie consistently brings data-driven analysis, unfailing collegiality, and a keen interest in seeking out differing views. He is an example of the very best in public service.”
As CEO, Evans exemplified inclusive and authentic leadership, driving a highly engaged organization focused on achieving the Federal Reserve’s public service mission. He championed the Bank’s diversity, equity and inclusion efforts to ensure its workforce reflects the communities the Bank serves. He has done this by modeling inclusive leadership, championing the Bank’s affinity groups and providing leadership in critical roles with community partners, including the Financial Services Pipeline and Chicago United.
“Charlie has provided exemplary leadership to the Chicago Fed and the Federal Reserve System for the last fourteen years. He has deep financial and economic expertise and has made meaningful contributions to the formation of monetary policy through the financial crisis, the recovery and pandemic.” said Dr. Helene Gayle, President and CEO, The Chicago Community Trust and chair of the board of directors of the Federal Reserve Bank of Chicago. “He has also fostered a culture of collaboration and inclusion at the Chicago Fed which will serve the Bank ably in the years to come.”
Consistent with the Federal Reserve Act and Board of Governors’ policy, a search committee comprised of non-banking members of the Chicago Fed’s board of directors has been formed to lead the search for the next president. The committee will be co-chaired by Dr. Gayle and David C. Habiger, President and CEO of JD Power. Other members of the search committee are Jennifer Scanlon, CEO of UL and Linda Jojo, Executive Vice President of Technology & Chief Digital Officer, United Airlines, Inc.
The committee is conducting a nationwide search to identify a broad, diverse and highly qualified pool of candidates. Diversified Search Group, a leading national search firm specializing in executive searches, has been retained to assist with the search.
To learn more about the search, including how to submit the name of a potential candidate, please visit www.chicagofed.org/president.
About the Federal Reserve Bank of Chicago
The Federal Reserve Bank of Chicago is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up the nation’s central bank. The Chicago Reserve Bank serves the seventh Federal Reserve District, which encompasses the northern portions of Illinois and Indiana, southern Wisconsin, the Lower Peninsula of Michigan, and the state of Iowa. In addition to participation in the formulation of monetary policy, each Reserve Bank supervises member banks and bank holding companies, provides financial services to depository institutions and the U.S. government, and monitors economic conditions in its District.