Dec 1, 2022 - Economy

Former Obama economic adviser will lead the Chicago Federal Reserve

Austan Goolsbee, a former top economic adviser to President Obama, testifies before Congress in 2013. Photo: Chip Somodevilla/Getty Images

Austan Goolsbee, who served as the chair of former President Obama's Council of Economic Advisors, will be the next president of the Federal Reserve Bank of Chicago, the bank said on Thursday.

Why it matters: Goolsbee is set to become a member of the Federal Open Market Committee that makes crucial decisions about monetary policy and interest rates, as the Fed battles decades-high inflation.

Goolsbee, a professor at the University of Chicago, has been a frequent commentator on economic policy, displaying a quick wit on television and Twitter. He was an ardent supporter of the Biden administration's pandemic rescue plan.

He will start at the Chicago Fed on Jan. 9.

Zoom out: Goolsbee is part of a wave of turnover in leadership of the 12 Fed banks.

Susan M. Collins took the helm of the Boston Fed and Lorie Logan the Dallas Fed earlier this year. The Kansas City Fed is searching for its next president as well.

Catch up quick: Charles Evans, the current president of the Chicago Fed, announced earlier this year that he would retire from the position at the beginning of 2023 as he faces a mandatory retirement age.

Evans has led the bank since 2007.

Add Axios on Google

Former Obama economic adviser will lead the Chicago Federal Reserve

What to read next