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On Dec. 1, 2022, the Federal Reserve Bank of Chicago announced that Austan Goolsbee will be its new president and chief executive officer (CEO) starting Jan. 9, 2023.

Goolsbee will be the 10th Chicago Fed president, replacing Charles Evans who has held the position for 15 years. Mr. Evans, 64, is leaving the position because Federal Reserve Bank presidents have a mandatory retirement age of 65 unless they have served fewer than 10 years, after which the maximum age rises to 75. Goolsbee will serve out the remainder of Evans’ term, which ends Feb. 28, 2026, and will become a voting member of the Federal Open Market Committee (FOMC)

Goolsbee is currently a professor of Economics at the Chicago Booth School of Business. From 2010-2011 Goolsbee served as chair of the Council of Economic Advisers (CEA), a role currently held by Cecilia Rouse.

It is unclear how Goolsbee will vote as a FOMC member. In an interview with Fox Business, Goolsbee said that it was too soon to say for sure if inflation has peaked or how high the Fed will ultimately raise rates.

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