Randall S. Kroszner (born June 22, 1962) is an American economist who served as a member of the

Federal Reserve Board of Governors The Board of Governors of the Federal Reserve System, commonly known as the Federal Reserve Board, is the main governing body of the Federal Reserve System. It is charged with overseeing the Federal Reserve Banks and with helping implement the mo ...

from 2006 to 2009. Kroszner chaired Fed's board Committee on Supervision and Regulation of Banking Institutions during the

2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...

. He has been professor of economics at the

University of Chicago The University of Chicago (UChicago, Chicago, or UChi) is a Private university, private research university in Chicago, Illinois, United States. Its main campus is in the Hyde Park, Chicago, Hyde Park neighborhood on Chicago's South Side, Chic ...

since the 1990s, with various leaves, and named Norman R. Bobins Professor of Economics at the

University of Chicago Booth School of Business The University of Chicago Booth School of Business (branded as Chicago Booth) is the graduate business school of the University of Chicago, a private research university in Chicago, Illinois. Founded in 1898, Chicago Booth is the second-oldest ...

in 2009, and serves as a senior advisor for Patomak Partners.

Early life and education

Kroszner was born in

Englewood, New Jersey Englewood is a city in Bergen County, in the U.S. state of New Jersey. Englewood was incorporated as a city by an act of the New Jersey Legislature on March 17, 1899, from portions of Ridgefield Township and the remaining portions of Engle ...

. He received his

B.A. A Bachelor of Arts (abbreviated B.A., BA, A.B. or AB; from the Latin ', ', or ') is the holder of a bachelor's degree awarded for an undergraduate program in the liberal arts, or, in some cases, other disciplines. A Bachelor of Arts degree ...

magna cum laude Latin honors are a system of Latin phrases used in some colleges and universities to indicate the level of distinction with which an academic degree has been earned. The system is primarily used in the United States. It is also used in some Sout ...

applied mathematics Applied mathematics is the application of mathematics, mathematical methods by different fields such as physics, engineering, medicine, biology, finance, business, computer science, and Industrial sector, industry. Thus, applied mathematics is a ...

economics Economics () is a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interac ...

from

Brown University Brown University is a Private university, private Ivy League research university in Providence, Rhode Island, United States. It is the List of colonial colleges, seventh-oldest institution of higher education in the US, founded in 1764 as the ' ...

in 1984, and his

M.A. A Master of Arts ( or ''Artium Magister''; abbreviated MA or AM) is the holder of a master's degree awarded by universities in many countries. The degree is usually contrasted with that of Master of Science. Those admitted to the degree have ...

(1987) and

Ph.D. A Doctor of Philosophy (PhD, DPhil; or ) is a terminal degree that usually denotes the highest level of academic achievement in a given discipline and is awarded following a course of graduate study and original research. The name of the deg ...

(1990) from

Harvard University Harvard University is a Private university, private Ivy League research university in Cambridge, Massachusetts, United States. Founded in 1636 and named for its first benefactor, the History of the Puritans in North America, Puritan clergyma ...

, both in economics.

Professional career

Kroszner is Norman R. Bobins Professor of Economics at the

. He was also assistant professor (1990–1994) and associate professor (1994–1999) at the university before becoming a full professor in 1999. 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 and Economics. He was a visiting scholar at the

American Enterprise Institute The American Enterprise Institute for Public Policy Research, known simply as the American Enterprise Institute (AEI), is a center-right think tank based in Washington, D.C., that researches government, politics, economics, and social welfare ...

, a research associate at the

National Bureau of Economic Research The National Bureau of Economic Research (NBER) is an American private nonprofit research organization "committed to undertaking and disseminating unbiased economic research among public policymakers, business professionals, and the academic co ...

, and a director at the

National Association for Business Economics The National Association for Business Economics (NABE) is the largest international association of applied economists, strategists, academics, and policy-makers committed to the application of economics. Founded in 1959, it is one of the member ...

. Kroszner also was a member of the Federal Economic Statistics Advisory Committee at the

Bureau of Labor Statistics The Bureau of Labor Statistics (BLS) is a unit of the United States Department of Labor. It is the principal fact-finding agency for the government of the United States, U.S. government in the broad field of labor economics, labor economics and ...

in the

Department of Labor A ministry of labour (''British English, UK''), or labor (''American English, US''), also known as a department of labour, or labor, is a government department responsible for setting labour standards, labour dispute mechanisms, employment, workfor ...

. Kroszner has been a visiting scholar at the

Securities and Exchange Commission The United States Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street crash of 1929. Its primary purpose is to enforce laws against market m ...

; the IMF; the

Stockholm School of Economics The Stockholm School of Economics (SSE; , HHS) is a private business school located in city district Vasastaden in the central part of Stockholm, Sweden. SSE offers BSc, MSc and MBA programs, along with PhD- and Executive education progr ...

, Sweden; the

Free University of Berlin The Free University of Berlin (, often abbreviated as FU Berlin or simply FU) is a public university, public research university in Berlin, Germany. It was founded in West Berlin in 1948 with American support during the early Cold War period a ...

, Germany;

Stockholm University Stockholm University (SU) () is a public university, public research university in Stockholm, Sweden, founded as a college in 1878, with university status since 1960. With over 33,000 students at four different faculties: law, humanities, social ...

, Sweden; and the

London School of Economics The London School of Economics and Political Science (LSE), established in 1895, is a public research university in London, England, and a member institution of the University of London. The school specialises in the social sciences. Founded ...

. He was the John M. Olin Visiting Fellow in Law and Economics at the

University of Chicago Law School The University of Chicago Law School is the Law school in the United States, law school of the University of Chicago, a Private university, private research university in Chicago, Illinois. It employs more than 180 full-time and part-time facul ...

and the Bertil Danielson Visiting Professor of Banking and Finance at the Stockholm School of Economics. He is currently working at Patomak Global Partners LLC as a senior professional

George W. Bush administration

Kroszner was a member of the President's

Council of Economic Advisers The Council of Economic Advisers (CEA) is a United States agency within the Executive Office of the President established in 1946, which advises the president of the United States on economic policy. The CEA provides much of the empirical resea ...

(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, corporate governance reform, terrorism risk insurance, tax reform, currency crisis management, sovereign

debt restructuring Debt restructuring is a process that allows a private or public company or a sovereign entity facing cash flow problems and financial distress to reduce and renegotiate its delinquent debts to improve or restore liquidity so that it can continu ...

, the role of the

International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of las ...

(IMF), international trade, and economic development.

Federal Reserve career

Prior to being appointed to the Board of Governors, Kroszner served the Federal Reserve System in several roles. He was a visiting scholar at the Board of Governors and a research consultant and a member of the Academic Advisory Panel at the

Federal Reserve Bank of Chicago The Federal Reserve Bank of Chicago (informally the Chicago Fed) is one of twelve Federal Reserve Banks that, along with the Federal Reserve Board of Governors, make up the Federal Reserve System, the United States' central bank. The Chicago Fed ...

. Kroszner also has been a visiting scholar at the Federal Reserve Banks of

New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...

St. Louis St. Louis ( , sometimes referred to as St. Louis City, Saint Louis or STL) is an independent city in the U.S. state of Missouri. It lies near the confluence of the Mississippi and the Missouri rivers. In 2020, the city proper had a populatio ...

Kansas City The Kansas City metropolitan area is a bi-state metropolitan area anchored by Kansas City, Missouri. Its 14 counties straddle the border between the U.S. states of Missouri (9 counties) and Kansas (5 counties). With and a population of more t ...

, and

Minneapolis Minneapolis is a city in Hennepin County, Minnesota, United States, and its county seat. With a population of 429,954 as of the 2020 United States census, 2020 census, it is the state's List of cities in Minnesota, most populous city. Locat ...

Economic views

He is a student of the

Chicago school of economics The Chicago school of economics is a Neoclassical economics, neoclassical Schools of economic thought, school of economic thought associated with the work of the faculty at the University of Chicago, some of whom have constructed and populari ...

References

External links

*
Resignation press release

Statements and Speeches of Randy Kroszner
{{DEFAULTSORT:Kroszner, Randall S. 1962 births 21st-century American economists Brown University alumni Economists from New Jersey Federal Reserve economists Federal Reserve System governors Harvard University alumni Living people People from Englewood, New Jersey Academic staff of the Stockholm School of Economics University of Chicago faculty United States Council of Economic Advisers George W. Bush administration personnel