Presidents of the Federal Reserve Bank of Chicago
The president of the Federal Reserve Bank of Chicago is the chief executive officer of the Seventh Federal Reserve District, headquartered in Chicago, Illinois. The president also serves on the Federal Open Market Committee (FOMC), which consists of 12 members: the seven members of the Board of Governors of the Federal Reserve System; the president of the Federal Reserve Bank of New York; and four of the remaining 11 Reserve Bank presidents, who serve one-year terms on a rotating basis. Nonvoting Reserve Bank presidents attend FOMC meetings, participate in the discussions, and contribute to the FOMC's assessment of the economy and policy options.
Prior to the enactment of the Banking Act of 1935, the chief executive officer of each Federal Reserve Bank held the title of governor.
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1914 - 1934 | James B. McDougal
Title: Governor of the Federal Reserve Bank of Chicago
James B. McDougal served as governor of the Federal Reserve Bank of Chicago from October 23, 1914, to March 1, 1934. -
1934 - 1941 | George J. Schaller
Title: Governor of the Federal Reserve Bank of Chicago, which was changed to president of the Federal Reserve Bank of Chicago on March 1, 1936
George J. Schaller served as governor (later president) of the Federal Reserve Bank of Chicago from March 2, 1934, to February 28, 1941. -
1941 - 1956 | Clifford S. Young
Title: President of the Federal Reserve Bank of Chicago
Clifford S. Young served as president of the Federal Reserve Bank of Chicago from March 1, 1941, to February 29, 1956. -
1956 - 1961 | Carl E. Allen
Title: President of the Federal Reserve Bank of Chicago
Carl E. Allen served as president of the Federal Reserve Bank of Chicago from October 1, 1956, to December 31, 1961. -
1962 - 1970 | Charles J. Scanlon
Title: President of the Federal Reserve Bank of Chicago
Charles J. Scanlon served as president of the Federal Reserve Bank of Chicago from January 4, 1962, to April 15, 1970. -
1970 - 1981 | Robert P. Mayo
Title: President of the Federal Reserve Bank of Chicago
Robert P. Mayo served as president of the Federal Reserve Bank of Chicago from July 29, 1970, to April 1, 1981. -
1981 - 1994 | Silas Keehn
Title: President of the Federal Reserve Bank of Chicago
Silas Keehn served as president of the Federal Reserve Bank of Chicago from July 1, 1981, to August 31, 1994. -
1994 - 2007 | Michael H. Moskow
Title: President of the Federal Reserve Bank of Chicago
Michael H. Moskow served as president of the Federal Reserve Bank of Chicago from September 1, 1994, to August 31, 2007. -
2007 - 2023 | Charles L. Evans
Title: President of the Federal Reserve Bank of Chicago
Charles L. Evans served as president of the Federal Reserve Bank of Chicago from September 1, 2007, to January 8, 2023. -
2023 - | Austan D. Goolsbee
Title: President of the Federal Reserve Bank of Chicago
Austan D. Goolsbee began his term as president of the Federal Reserve Bank of Chicago on January 9, 2023.
The process for selecting a Federal Reserve Bank president is set forth in the Federal Reserve Act. The president is appointed by the individual Reserve Bank's board of directors and approved by the Board of Governors of the Federal Reserve System for a renewable term of five years. For additional details, see How is a Federal Reserve Bank president selected? published by the Board of Governors.
Presidents of the Federal Reserve Bank of Chicago. https://fraser.stlouisfed.org/timeline/presidents-frb-chicago, accessed on November 17, 2024.