Chicago Fed President Announces Retirement; Search Underway for Successor
The Federal Reserve Bank of Chicago today announced that president and CEO Michael H. Moskow, in keeping with Federal Reserve mandatory retirement policy, will step down August 31 after 13 years of service to the bank and the Federal Reserve System.
Moskow joined the Federal Reserve Bank of Chicago as president in 1994. He was originally slated to retire in 2004. In 2002, the bank's board of directors, with the approval of the Federal Reserve's Board of Governors in Washington, extended his mandatory retirement date until the end of August of this year. That enabled Moskow to continue work on a number of critical challenges facing both the bank and the Federal Reserve System.
Moskow is the bank's eighth president and chief executive officer. In that role, he oversees all bank operations and is also a voting member of the Federal Open Market Committee (FOMC), the Federal Reserve System's most important monetary policymaking body.
"I have enjoyed serving the Federal Reserve Bank of Chicago and the residents of the Seventh Federal Reserve District," said Moskow. "I am proud of our accomplishments and value the many relationships that I have been able to form with people throughout Chicago and the Midwest. I look forward to staying active and engaged in a number of different civic and professional pursuits."
Federal Reserve Chairman Ben Bernanke applauded Moskow's efforts.
"In his many years of service, Michael Moskow has made invaluable contributions to the Federal Reserve Bank of Chicago and the Federal Reserve System. We will miss his thoughtful insights, his leadership, and expertise on a wide range of banking and monetary issues," said Bernanke.
Former Federal Reserve Chairman Alan Greenspan has known Moskow for more than 30 years.
"It has been my pleasure to have known Michael for three decades and have worked especially closely with him during his long tenure at the Federal Reserve," Greenspan said. "He has led the Chicago Fed through a number of challenging organizational and operational changes. Over the years, his keen mind and steady hand have helped contribute to our national monetary policy deliberations in the midst of a constantly evolving economic environment."
The bank also announced that a four-person committee selected from its board of directors and the board of its Detroit Branch will conduct a nationwide search for Moskow's successor. This search committee includes:
- Miles White, chairman and CEO of Abbott Laboratories in Abbott Park, Illinois. White is chairman of the Federal Reserve Bank of Chicago Board of Directors and will lead the search committee.
- John Canning, chairman and CEO of Chicago-based Madison Dearborn Partners, LLC. Canning is deputy chairman of the Federal Reserve Bank of Chicago Board of Directors.
- Valerie Jarrett, president and CEO of the Chicago-based Habitat Company. Jarrett is a member of the Federal Reserve Bank of Chicago Board of Directors.
- Ralph Babb, chairman, president and CEO of Detroit-based Comerica Incorporated. Babb is a member of the Federal Reserve Bank of Chicago's Detroit Branch Board of Directors.
"President Moskow has made significant contributions to the Bank, the Federal Reserve System, and the people of the Seventh Federal Reserve District," said White. "We will miss his leadership and his knowledge. We are now starting what will be a very thorough search to find a suitable successor, which will not be an easy job, as Michael has been an exemplary leader not just of the Chicago Fed, but of our financial and civic communities, as well. We thank Michael for all his contributions and wish him the very best in his next chapter."
The search committee is expected to name an executive search firm to assist in identifying potential candidates, and the final decision on Moskow's successor is expected to be made this summer.
The Federal Reserve Bank of Chicago is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., constitute the nation's central bank. The Chicago Reserve Bank serves the Seventh Federal Reserve District, which encompasses the northern portions of Illinois and Indiana, southern Wisconsin, the Lower Peninsula of Michigan, and the state of Iowa. In addition to participation in the formulation of monetary policy, each Reserve Bank supervises member banks and bank holding companies, provides financial services to depository institutions and the U.S. government, and monitors economic conditions in its District.