July 30, 2007

Charles L. Evans named president of the Federal Reserve Bank of Chicago

For immediate release

The Federal Reserve Bank of Chicago today announced that Charles L. Evans will become the bank's ninth president and CEO effective September 1, 2007.


Evans, 49, will replace Michael H. Moskow, who will retire August 31 after 13 years as president. The announcement was made by Miles D. White, CEO of Abbott Laboratories and chairman of the bank's board of directors. White chaired the board's search committee responsible for the selection of the new president.

Evans is currently senior vice president and director of research at the Federal Reserve Bank of Chicago. He also oversees the bank's Office of Consumer and Community Affairs and its Office of Public Affairs. He joined the Chicago Fed in 1991 and has been director of research since 2003. In that capacity he coordinates all monetary policy support for the president and the board of directors, with responsibility for research into the conduct of monetary policy and the structure of the macroeconomy.

Evans is well respected for his research on inflation, financial market prices and measuring the effects of monetary policy on U.S. economic activity. His research has been published in the Journal of Political Economy, American Economic Review, Journal of Monetary Economics, Quarterly Journal of Economics, and the Handbook of Macroeconomics.

"After a comprehensive search in which we interviewed several excellent candidates, we decided that Charlie is best qualified to lead the Federal Reserve Bank of Chicago," White said. "He has excellent leadership skills, knows the Federal Reserve System well, and has participated at the highest level of the monetary policy-making process."

In addition, White expressed gratitude for Moskow's service to the Federal Reserve Bank of Chicago.

"Michael’s stewardship of the bank has been exemplary during a period of significant change in both the economic environment and the financial services industry," he said. "He has provided the Chicago Fed with excellent leadership and has served the public well in helping maintain a strong and stable economy."

Evans is looking forward to continuing his work with the Chicago Fed's staff and board of directors as well as the people of the Seventh Federal Reserve District.

"The bank has a great reputation in the region because of Michael Moskow’s leadership," Evans said. "It is an honor to succeed him as president."

Evans received a B.A. in economics from the University of Virginia and a Ph.D. in economics from Carnegie-Mellon University in Pittsburgh. He is married and has two children. For more information please see the following link: http://www.chicagofed.org/webpages/people/evans_charles.cfm

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.

Last Update: July 30, 2007