Randall Kroszner Biography

From March 2006 until January 2009, Randall S. Kroszner served as a Governor of the Federal Reserve System. He chaired the committee on Consumer and Community Affairs and the committee on Supervision and Regulation of Banking Institutions during his tenure as a member of the Federal Reserve Board. He accepted an important role in developing answers to the financial crisis and in seeking new initiatives to improve consumer disclosure and protection, including rules related to credit cards and home mortgages and he was director of NeighborWorks America. He represented the Basel Committee on Banking Supervision, and the Central Bank Governors of the American Continent, the Federal Reserve Board on the Financial Stability Forum (now called the Financial Stability Board). He also chaired the working party of the Organization for Economic Cooperation and Development (OECD), composed of finance ministers and deputy central bank governors, on Policies for the Promotion of Better International Payments Equilibrium. He was also a voting member of the Federal Open Market Committee as a member of the Fed Board. At the University of Chicago Booth School of Business, Dr. Kroszner was a professor of economics before becoming a member of the Board. He served as editor of the Journal of Law & Economics and has been associate editor of a number of policy and academic journals. Dr. Kroszner was Director of the George J. Stigler Center for the Study of the Economy and the State. At the Bureau of Labor Statistics in the Department of Labor, he was a member of the Federal Economic Statistics Advisory Committee. Dr. Kroszner was a member of the board of directors at the National Association for Business Economics. He serves on the board of the Financial Management Association and of the Paulson Institute. And currently, he serves on the Committees on Economic Statistics and on Economic Education of the American Economics Association; and he is also a Research Associate of the National Bureau of Economic Research. From 2001 to 2003, Dr. Kroszner was a member of the President’s Council of Economic Advisers (CEA). At the CEA, he was responsible for formulating the policy response to corporate governance scandals as well as an advisor on a wide range of international and domestic issues, including the role of the International Monetary Fund (IMF), international trade, banking and financial regulation, government-sponsored enterprises, economic development, tax reform, currency crisis management and sovereign debt restructuring in Latin America, pension reform and terrorism risk insurance. Kroszner has been a visiting scholar at the IMF, the Free University of Berlin, Germany, Securities and Exchange Commission, the American Enterprise Institute, the Stockholm School of Economics, the Stockholm University and London School of Economics. At the University of Chicago Law School, he was the John M. Olin Visiting Fellow in Law and Economics, the SK Chaired Visiting Professor at Yonsei University, Seoul, Korea and the Bertil Danielson Visiting Professor of Banking and Finance at the Stockholm School of Economics. Dr. Kroszner’s research interests focused on the Great Depression, international financial crises, monetary economics, debt restructuring and bankruptcy, political economy, regulation of financial institutions and corporate governance. The Brattle Prize for best corporate finance paper in the Journal of Finance went to Dr. Kroszner for his paper on managerial stock ownership (with Clifford Holderness and Dennis Sheehan). Dr. Kroszner earned an M.A. (1987) and Ph.D. (1990), both in economics, from Harvard University. In 1984, He also received a Sc.B. (magna cum laude) in applied mathematics-economics (honors) from Brown University.

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