Next Chicago Fed President: 'Architect of Obamanomics' Goolsbee

[Image source=AP Yonhap News]

[Asia Economy New York=Special Correspondent Joselgina] Austin Goolsbee, professor at the University of Chicago Booth School of Business and known as the architect of the so-called 'Obamanomics,' has been selected as the successor to Charles Evans, president of the Chicago Federal Reserve Bank.

According to the Chicago Fed on the 1st (local time), Goolsbee is officially set to take office on January 9, 2023. His term will last until February 28, 2026.

Goolsbee is well known as the architect of Obamanomics. He served as the chairman of the White House Council of Economic Advisers during the Barack Obama administration from 2010 to 2011.

Helen Gale, chair of the Chicago Fed board, said in a statement, "Austin is excellent as the next president of the Chicago Fed," and described him as "a highly outstanding economist with extensive policy experience and a strong commitment to public service."

Goolsbee will not have voting rights at the Federal Open Market Committee (FOMC) in 2023. He will gain voting rights in 2025. In recent interviews with local media including CNBC, he expressed the opinion that signs of economic slowdown confirmed by recent inflation data are not sufficient for the Fed to reverse its tightening.

Meanwhile, Evans, who currently leads the Chicago Fed, will reach retirement age in January.