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. Dr. Kroszner chaired the working party of the Organization for Economic Cooperation and Development (OECD), composed of deputy central bank governors and finance ministers, on Policies for the Promotion of Better International Payments Equilibrium. As a member of the Fed Board, he was also a voting member of the Federal Open Market Committee.
Before becoming a member of the Board, Dr. Kroszner was a professor of economics at the University of Chicago Booth School of Business. Dr. Kroszner was Director of the George J. Stigler Center for the Study of the Economy and the State. He served as editor of the Journal of Law & Economics and has been associate editor of a number of other academic and policy journals. He was a member of the board of directors at the National Association for Business Economics. Dr. Kroszner also was a member of the Federal Economic Statistics Advisory Committee at the Bureau of Labor Statistics in the Department of Labor. He is currently a Research Associate of the National Bureau of Economic Research and serves on the Committees on Economic Statistics and on Economic Education of the American Economics Association. He serves on the board of the Financial Management Association and of the Paulson Institute.
Dr. Kroszner was a member of the President’s Council of Economic Advisers (CEA) from 2001 to 2003. While at the CEA, he was heavily involved in formulating the policy response to corporate governance scandals as well as in 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.
Dr. 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, the London School of Economics, and the American Enterprise Institute. He was the John M. Olin Visiting Fellow in Law and Economics at the University of Chicago Law School the Bertil Danielson Visiting Professor of Banking and Finance at the Stockholm School of Economics, and the SK Chaired Visiting Professor at Yonsei University, Seoul, Korea.
Dr. 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. His paper on managerial stock ownership (with Clifford Holderness and Dennis Sheehan) won the Brattle Prize for best corporate finance paper in the Journal of Finance.
Dr. Kroszner received a Sc.B. (magna cum laude) in applied mathematics-economics (honors) from Brown University in 1984 and an M.A. (1987) and Ph.D. (1990), both in economics, from Harvard University.
With Robert Shiller, Reforming US Financial Markets: Reflections Before and Beyond Dodd-Frank (MIT Press, 2011).
With Luc Laeven and Daniela Klingebiel, “Banking Crises, Financial Dependence, and Growth,” Journal of Financial Economics (April 2007).
With Thomas Stratmann, "Corporate Campaign Contributions, Repeat Giving, and the Rewards to Legislator Reputation," Journal of Law and Economics (April 2005).
With Philip Strahan, "Bankers on Boards: Monitoring, Conflicts of Interest, and Lender Liability," Journal of Financial Economics (December 2001).
With Philip Strahan, "What Drives Deregulation? Economics and Politics of the Relaxation of Bank Branching Restrictions," Quarterly Journal of Economics (November 1999).
With C. Holderness and D. Sheehan, "Were the Good Old Days that Good? Changes in Managerial Stock Ownership since the Great Depression," Journal of Finance (April 1999).
For a listing of research publications please visit Randall S. Kroszner’s university library listing page