CHICAGO- (June 16, 2025) – The Federal Reserve Bank of Chicago today announced that Ellen Bromagen, first vice president and chief operating officer, will retire effective February 28, 2026.
Bromagen will step down after 36 years of service to the bank, including 10 years as the first vice president. In that role, she oversees the operational and financial performance of the Chicago Fed, serving as the second-ranking bank officer, as vice chair of the bank’s Executive Committee, and as backup to the president in the execution of monetary policy responsibilities.
“Ellen Bromagen defines the standard for leadership excellence at the Federal Reserve Bank of Chicago. She has shaped our culture and led our people through some of the most challenging events the Fed has ever faced—and has done it with a level head and an unmatched dedication to our mission. We have been lucky beyond measure to have her guidance,” said Austan Goolsbee, President and Chief Executive Officer of the Chicago Fed.
Bromagen joined the Bank in 1990 and has held a variety of management positions during her tenure. She was promoted to assistant vice president of accounting in 1998 and joined the Customer Relations and Support Office in 2003. She was promoted to vice president in 2004 with responsibility for financial planning and revenue management, and in 2006, assumed responsibility for FedLine program management. She was promoted to senior vice president in 2008 and executive vice president in 2012.
Over her career, Bromagen has served in numerous leadership roles in the Chicago Fed’s district and at the Federal Reserve System level. She is a member of the Conference of First Vice Presidents and has been a champion for and strategic advisor to the Federal Reserve System’s Credit Risk Management Support Function as well as the System Leadership Initiative, both of which are headquartered in Chicago. She was a key leader in the formation of Federal Reserve Financial Services and the launch of FedNow, which provides instant payment services to banks and financial institutions across the nation.
“It has been a great honor to serve the American people. The work of the Fed is so critical to our nation and its economy, and I am grateful for the opportunity to contribute to the success of the bank and Federal Reserve System and to work alongside such talented and committed colleagues,” Bromagen said.
Bromagen will retire at the end of her current five-year term, which concludes at the end of February. A search for a successor led by the Chicago Fed’s eligible Class B and C directors will begin immediately.
