CHICAGO -- The Federal Reserve Bank of Chicago today announced that President/CEO Michael H. Moskow, in keeping with Federal Reserve mandatory retirement policy, will step down Aug. 31, after 13 years.
Moskow joined the Federal Reserve Bank of Chicago as president in 1994 and was originally slated to retire in 2004. In 2002, the bank's board of directors, with the approval of the Federal Reserve Board in Washington, extended his mandatory retirement date, enabling him to continue work on a number of critical challenges facing both the bank and the Federal Reserve System.
"I have enjoyed serving the Federal Reserve Bank of Chicago and the residents of the Seventh Federal Reserve District," Moskow said. "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, as did former Federal Reserve Chairman Alan Greenspan.
The bank has selected a four-person committee to conduct a nationwide search for Moskow's successor.