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University of Chicago Booth School of Business professor Randall Kroszner has been appointed by UK Chancellor of the Exchequer Jeremy Hunt as an external member of the Financial Policy Committee (FPC) at the Bank of England.

His appointment fills the external position previously held by Chicago Booth’s Anil Kashyap, who stepped down from the Committee at the end of September 2022. Kroszner will serve a three-year term, which will begin in February 2023.

The FPC was created in the wake of the 2008 global financial crisis and formally established in 2013 as part of the new system of regulation brought in to improve financial stability. It identifies and monitors risks that threaten the resilience of the UK financial system as a whole and has power to take action to counter those risks.

“The Financial Policy Committee is key to protecting and strengthening the UK’s financial stability,” said Hunt. “I am pleased to announce the appointment of Randall Kroszner. His leading academic voice in macroprudential policy, built over a decade at the University of Chicago, and his experience at the Federal Reserve during the global financial crisis will be of real value to the committee.”

The Governor of the Bank of England, Andrew Bailey, added: “I am delighted to welcome Randy to the FPC as an external member. His significant international policy experience and extensive research on the financial sector will be an asset to the FPC. I look forward to working with him on the Committee and benefiting from the wealth of expertise he will bring to our discussions.”

Dr. Kroszner is the Norman R. Bobins Professor of Economics and previous Deputy Dean at Chicago Booth, where he has had a distinguished 30-year career. Prior to this appointment he served as a Governor of the US Federal Reserve System from 2006 until 2009, where he chaired the Committee on the Supervision and Regulation of Banking Institutions and took a lead role in developing responses to the global financial crisis to improve consumer protection and broader financial regulation.

He has made important contributions to international financial stability policy over his career, representing the Federal Reserve Board at the Financial Stability Board and the Basel Committee on Banking Supervision, and as a member of the President’s Council of Economic Advisers from 2001 to 2003. Dr. Kroszner has published academic papers and spoken on a broad range of issues, including regularly at global academic and policy conferences and appearing on Bloomberg, CNBC and CNN. Since 2018, he has served as Chairman of the US Treasury Office of Financial Research advisory committee.

He 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.

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