A search has been launched to find a replacement for Charles L. Evans, the president and CEO of the Federal Reserve Bank of Chicago, who is slated to retire in early 2023.
Mr. Evans first joined the Chicago Fed in 1991. Since Sept. 1, 2007, he has led the organization – one of 12 regional Reserve Banks that along with the Federal Reserve Board of Governors in Washington, D.C., make up the nation’s central bank.
The Chicago Fed serves the Seventh Federal Reserve District, which encompasses the northern portions of Illinois and Indiana, the state of Iowa, southern Wisconsin, and the Lower Peninsula of Michigan. 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.
In announcing Mr. Evans’ upcoming retirement, a recent Chicago Fed news release said Mr. Evans previously served as director of research and senior vice president, supervising the Bank’s research on monetary policy, banking, financial markets and regional economic conditions as well as its community development and public affairs functions.
“It has been an honor to serve as a president of the Chicago Fed and as a member of the Federal Open Market Committee (FOMC) for the last 14 years,” Mr. Evans said. “I have been privileged to work with talented, dedicated and mission-driven colleagues who are singularly focused on serving the public interest, the Seventh District and our nation. I am immensely proud of the work our bank has accomplished.”
Jerome Powell, chair of the Federal Reserve Board of Governors, said of Mr. Evans, “Charlie has been an influential and insightful voice at the monetary policymaking table for nearly 15 years. He is our longest-serving member and has been engaged in public service at the Chicago Fed for more than three decades. Charlie consistently brings data-driven analysis, unfailing collegiality, and a keen interest in seeking out differing views. He is an example of the very best in public service.”
As a researcher at the Chicago Fed, Mr. Evans earlier work focused on measuring the impact of monetary policy on U.S. economic activity, inflation and financial market prices. The model he developed in collaboration with Martin Eichenbaum and Lawrence Christiano of Northwestern University serves as the foundation for models used at central banks around the world today, the Chicago Fed said.
His research has been published in the Journal of Political Economy, American Economic Review, Journal of Monetary Economics, the Handbook of Macroeconomics, and the Brookings Papers on Economic Activity, and includes articles that are among the most cited in the field of monetary economics.
Evans’ research background helped guide his views as a policymaker, which was evident in the monetary policy strategies he promoted during the periods in his tenure when the federal funds rate was constrained by the effective lower bound on interest rates, the release said.
He consistently advocated policy focusing on doing what was necessary to achieve the Federal Reserve’s dual mandate objectives, which might dictate following somewhat unconventional practices to deal with difficult economic conditions.
For example, according to the Chicago Fed, following the Great Financial Crisis of 2007-2008, he proposed that the FOMC change its broad forward guidance to a threshold-based approach that linked future policy moves more explicitly to unemployment and inflation outcomes.
He was also a strong supporter of transparent communication and served on the FOMC communications subcommittee that developed the “dot plot” the FOMC now publishes showing participants’ views of appropriate monetary policy, the Chicago Fed said.
As CEO, its news release said, Mr. Evans exemplified inclusive and authentic leadership, driving a highly engaged organization focused on achieving the Federal Reserve’s public service mission. He championed the Bank’s diversity, equity and inclusion (DEI) efforts to ensure its workforce reflects the communities the bank serves.
“Charlie has provided exemplary leadership to the Chicago Fed and the Federal Reserve System for the last 14 years,” said Helene Gayle, president and CEO, The Chicago Community Trust, and Federal Reserve Bank of Chicago Board chair.
“He has deep financial and economic expertise and has made meaningful contributions to the formation of monetary policy through the financial crisis, the recovery and pandemic,” she added, “He has also fostered a culture of collaboration and inclusion at the Chicago Fed which will serve the Bank ably in the years to come.”
The search committee is composed of non-banking members of the Chicago Fed’s board of directors. The panel is co-chaired by Ms. Gayle and David C. Habiger, president and CEO of JD Power. Other members include Jennifer Scanlon, CEO of UL, and Linda Jojo, United Airlines executive vice president of technology & chief digital officer. The committee, assisted by Diversified Search Group, is conducting a nationwide search to identify a broad, diverse and highly qualified pool of candidates.
To learn more about the search, including how to submit the name of a potential candidate, please visit www.chicagofed.org/president.
