CHICAGO (November 20, 2025) – The Federal Reserve Bank of Chicago announced today that Shonda Clay will become first vice president and chief operating officer, effective March 1, 2026. Clay succeeds Ellen Bromagen who will retire after 36 years of distinguished service to the Federal Reserve when her current term concludes at the end of February.
Clay is currently executive vice president at the Chicago Fed and chief product and relationship officer for Federal Reserve Financial Services (FRFS). In her current role, Clay leads the Fed’s portfolio of critical systems that facilitate more than $5 trillion of payments each day.
As first vice president and chief operating officer, she will oversee the operational and financial performance of the Chicago Fed, serving as the second-ranking bank officer and vice chair of the bank’s Executive Committee. In addition, she will support President Austan Goolsbee in the execution of monetary policy responsibilities and will work closely with senior leaders in Chicago and across the Federal Reserve System.
“Shonda Clay is a standout leader, known across the entire Fed system and beyond. She brings to this critical role deep knowledge, extensive experience and a dedication to mission. We are lucky to have her and excited for her to move into this new role helping lead the Chicago Fed,” said Goolsbee, president and chief executive officer of the Chicago Fed.
Clay brings more than 30 years of experience with the Federal Reserve System. Her work includes integrated product development for the Federal Reserve’s portfolio of payment products and FRFS engagement and communications with financial institutions and the broader industry. Clay has played key roles in payment improvements and innovation, including the launch of the instant payments platform FedNow.
“Shonda stood out from an impressive pool of candidates due to her outstanding leadership abilities, her track record of innovation and her vast knowledge of the Federal Reserve System and its operations. We couldn’t be more thrilled to have her as our next first vice president and chief operating officer,” said Linda Jojo, chair of the Search Committee and member of the Chicago Fed’s Board of Directors.
Clay’s appointment by the Class C and eligible Class B members of the Chicago Fed’s Board of Directors was subsequently approved by the Federal Reserve’s Board of Governors in Washington, D.C., as required under the Federal Reserve Act. Her appointment follows a national search led by a Search Committee of the Chicago Fed’s Board of Directors.
Clay began her career with the Federal Reserve Bank of Dallas and went on to hold a number of leadership roles as part of the Fed’s payments responsibilities. She holds a master of business administration from Northwestern University and a bachelor of business administration from the University of North Texas.
