Norman R. Bobins Professor of Economics
Randall S. Kroszner served as a governor of the Federal Reserve System from March 2006 until January 2009. During his time as a member of the Federal Reserve Board, he chaired the committee on supervision and regulation of banking institutions and the committee on consumer and community affairs. In these capacities, he took a leading role in developing responses to the financial crisis and in undertaking new initiatives to improve consumer protection and disclosure, including rules related to home mortgages and credit cards, and was director of NeighborWorks America. He represented the Federal Reserve Board on the Financial Stability Forum (now called the Financial Stability Board), the Basel Committee on Banking Supervision, and the Central Bank Governors of the American Continent (CEMLA).
Kroszner chaired the working party of the Organization for Economic Cooperation and Development (OECD), comprised of deputy central bank governors and finance ministers, on policies for the promotion of better international payments equilibrium. As a member of the Federal Reserve Board, he was also a voting member of the Federal Open Market Committee.
Before becoming a member of the board, Kroszner was a professor of economics at Chicago Booth. Upon returning, he assumed a newly created chair - the Norman R. Bobins Professorship of Economics. Kroszner was director of the George J. Stigler Center for the Study of the Economy and the State and editor of the Journal of Law & Economics. He was a visiting scholar at the American Enterprise Institute, a research associate at the National Bureau of Economic Research, and a director at the National Association for Business Economics. Kroszner also was a member of the Federal Economic Statistics Advisory Committee at the Bureau of Labor Statistics in the Department of Labor.
Kroszner was a member of the President’s Council of Economic Advisers (CEA) from 2001 to 2003, where he was heavily involved in formulating the policy response to corporate governance scandals as well as advising on a wide range of domestic and international issues, including banking and financial regulation, government-sponsored enterprises, pension reform, terrorism risk insurance, tax reform, currency crisis management and sovereign debt restructuring in Latin America, the role of the International Monetary Fund (IMF), international trade, and economic development.
Kroszner has been a visiting scholar at the Securities and Exchange Commission, the IMF, the Stockholm School of Economics, the Stockholm University, the Free University of Berlin, Germany, and the London School of Economics. He was the John M. Olin Visiting Fellow in Law and Economics at the University of Chicago Law School and the Bertil Danielson Visiting Professor of Banking and Finance at the Stockholm School of Economics.
Kroszner’s research interests include regulation of financial institutions, international financial crises, the Great Depression, monetary economics, corporate governance, debt restructuring and bankruptcy, and political economy.
Kroszner received a BS (magna cum laude) in applied mathematics-economics (with honors) from Brown University in 1984 and an MA (1987) and PhD (1990), both in economics, from Harvard University.