Randall Kroszner appointed to the Financial Policy Committee

News release

The Chancellor of the Exchequer, Jeremy Hunt, has today announced the appointment of Randall Kroszner as an external member of the Financial Policy Committee (FPC).

Dr Kroszner is Professor of Economics at the University of Chicago Booth School of Business. He previously served as a Governor of the US Federal Reserve System from 2006 until 2009. Dr Kroszner has expertise on financial stability and regulatory policy issues with experience in both the public sector and academia. His appointment fills the external position previously held by Anil Kashyap, who stepped down from the Committee at the end of September 2022. He will serve a three-year term, which will begin in February 2023.

The Chancellor of the Exchequer Jeremy Hunt said:

“The Financial Policy Committee is key to protecting and strengthening the UK’s financial stability. I want to thank Anil Kashyap for his contribution to the work of the Committee over the past six years, especially during the pandemic.

“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 said:

“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.”

Further information

Randall Kroszner is the Norman R. Bobins Professor of Economics and previous Deputy Dean of the University of Chicago Booth School of Business, where he has had a distinguished thirty-year career. Prior to this appointment Dr Kroszner served as a Governor of the Federal Reserve System, 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, Dr Kroszner has served as Chairman of the US Treasury Office of Financial Research advisory committee.