Randall S. Kroszner joined the Board of Governors of the Federal Reserve System on March 1, 2006. He left the Board on January 21, 2009.
Kroszner was born in Englewood, New Jersey. In 1984, Kroszner received a bachelor’s degree in applied mathematics and economics from Brown University. He went on to graduate with a doctorate in economics from Harvard University in 1990.
After receiving his doctorate degree, Kroszner accepted a position as an assistant professor at the University of Chicago Booth School of Business. In 1994, he became associate professor at the university and was made a full professor in 1999. During that time, he also served as director of the university’s George J. Stigler Center for the Study of the Economy and the State and was editor of the Journal of Law & Economics. He also was a member of the board of directors of the National Association for Business Economics, a visiting scholar at the American Enterprise Institute, and a member of Federal Economic Statistics Advisory Committee at the Bureau of Labor Statistics.
From 2001 to 2003, Kroszner served on the President’s Council of Economic Advisers (CEA). During his time at the CEA, he was heavily involved in creating and advising the administration’s responses to issues such as corporate governance scandals, sovereign debt restructuring in Latin America, and the role of the International Monetary Fund.
Before joining the Board of Governors, Kroszner served the Federal Reserve System in several roles. He was a visiting scholar at the Board of Governors and a research consultant and a member of the Academic Advisory Panel at the Federal Reserve Bank of Chicago. He was also a visiting scholar at the Federal Reserve Banks of New York, St. Louis, Kansas City, and Minneapolis.
In the winter of 2006, President George W. Bush nominated Kroszner to serve on the Board of Governors. During his tenure, he chaired the Committee on Supervision and Regulation of Banking Institutions and the Committee on Consumer and Community Affairs. He represented the Board of Governors on several external committees, including the Financial Stability Forum, the Basel Committee on Banking Supervision, and the Central Bank Governors of the American Continent. Kroszner delivered several noteworthy speeches during his tenure, including "Implementing Basel II in the United States,” “Risk Management and the Economic Outlook,” and “The Community Reinvestment Act and the Recent Mortgage Crisis.”
Kroszner serves as the Norman R. Bobins Professor of Economics at the University of Chicago Booth School of Business. He is also a research associate at the National Bureau of Economic Research and serves on the Committees on Economics Statistics as well as the Economic Education of the American Economics Association. In addition, he sits on the boards of the Financial Management Association and the Paulson Institute. In January 2013, Kroszner wrote an op-ed for the New York Times. Entitled “The New Tell-All Fed,” the piece highlighted some of the Board’s new efforts toward increased communication and transparency.
Written by the Board of Governors of the Federal Reserve System. See disclaimer.