Release Date: January 12, 2009
For immediate release
Randall S. Kroszner submitted his resignation Monday as a member of the Board of Governors of the Federal Reserve System, effective January 21, 2009.
Kroszner, who has been a member of the Board since March 1, 2006, submitted his letter of resignation to President Bush. He will return to the Booth School of Business at the University of Chicago to assume a newly created chaired professorship.
"Randy's contributions to the Federal Reserve and his country during his nearly three years at the Board have been invaluable," said Federal Reserve Chairman Ben S. Bernanke. "We have greatly benefited from the intellectual rigor he brought to the consideration of both monetary and regulatory policy. In particular, he ably oversaw the completion of significant new regulations protecting mortgage borrowers and credit card customers. We will miss the keen insight, and good humor that he brought to our deliberations. I wish him the best as he returns to the University of Chicago."
Kroszner, 46, was appointed to the Board by President Bush to fill an unexpired term ending January 31, 2008. During his time on the Board he served as Chairman of both the Committee on Supervisory and Regulatory Affairs and the Committee on Consumer and Community Affairs.
Before joining the Board, Kroszner was Professor of Economics at the Graduate School of Business of the University of Chicago. In addition, he served as a member of the President's Council of Economic Advisers from 2001 to 2003.
A copy of his resignation letter is attached.