Federal Reserve Bank (FRB)

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ECM Executive Vice President and Director of Research (Information Technology)



Company

Federal Reserve Bank of Chicago

The Federal Reserve System (System) was founded by Congress in 1913 and serves as the central bank of the United States. Its fundamental mission is to foster the stability, integrity, and efficiency of the nation's monetary, financial, and payment systems to promote optimal economic performance.
As part of the nation's central bank, the Chicago Fed promotes sound growth and financial stability in the nation and especially in the Midwest region (the 7th district includes most or all the economies of Illinois, Indiana, Iowa, Michigan, and Wisconsin). The Bank is a thought leader and innovator in numerous areas, including monetary policy, financial markets and stability, bank supervision, payment services, and engagement with the community.
The Chicago Fed's Research Department is an exciting and important part of the Chicago Fed and the Federal Reserve System. It has long provided an influential and independent voice in monetary policy, deeply informed by influential and leading-edge staff research and analysis.
The Chicago Fed Research Department also has a variety of unique roles within the System, including involvement with the financial markets and Financial Market Utilities in the district (only Chicago and New York include such entities), leading the System's Insurance Initiative, and supporting economic well-being in our local communities.
The Bank's Research Division has approximately 120 employees, including around 40 economists and nearly 20 policy professionals as well as research assistants and administrative and operations staff. It is organized into several functional teams: Macroeconomics, Microeconomics, Financial economics, Regional economics, Policy and Communications, the Financial Markets Group, the Economic Mobility Project, and operations.
The Federal Reserve Bank of Chicago is committed to providing equal employment opportunity to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.

NOTE: For consideration for this role, please apply via our search partners, Spencer Stuart, by submitting your resume to: frbc-rd@spencerstuart.com

The Federal Reserve Bank of Chicago (the Bank) is seeking a thoughtful, collaborative, and academically accomplished leader to serve as Director of Research. This individual will lead a large, research-intensive division that operates more like an academic department than a traditional policy unit—valuing original, high-quality scholarship that informs monetary and financial policy at the highest levels.
Reporting directly to the Bank's President and serving as a member of the Executive Committee, the Director will help shape the Bank's strategic direction and policy contributions within the Federal Reserve System. With several senior leaders reporting to them, the Director will also play a key role in advancing the Bank's influence across the Federal Reserve System and in public economic discourse.
The role requires a leader with sound judgment in both economics and people, someone who can foster a culture of intellectual rigor and respectful collaboration across a diverse team of economists, policy professionals, and staff. The Director will set the vision for the division's research and policy priorities, ensuring that the work produced is both academically credible and relevant to policy.
This includes recruiting and developing top-tier talent from a wide range of academic institutions and other backgrounds, supporting collaboration across the Bank, and maintaining strong connections with the broader research and policy community. In addition to their core responsibilities, the Director of Research will have the opportunity to pursue their own research agenda.
The ideal candidate will be a committed institution builder—someone who values the Bank's unique culture, respects contributions from both PhDs and non-PhDs, and is motivated by the opportunity to serve the public through evidence-based economic leadership.

KEY RESPONSIBILITIES
The scope of the role includes, but is not limited to:

Advisor to the Bank President

  • Provide strategic, research-informed counsel to the President on a wide range of economic and 

  • policy matters—including monetary policy, financial markets, regulatory developments, and national and regional economic conditions—ensuring alignment with the Bank's mission, values, and policy objectives.

  • Lead the Research Division's FOMC preparation process, ensuring the delivery of high-quality 

  • Briefing materials and presentations that support the President's contributions and help define the Bank's policy stance.

  • Contribute to the shaping of the Bank's policy voice, including input on FOMC statements, 

  • speeches, and public communications, ensuring they reflect both rigorous research and institutional values.

  • Partner closely with the President to foster open, thoughtful dialogue and exchange, 

  • strengthening the

  • Bank's policy perspectives and reinforcing its commitment to independent, evidence-based analysis.

  • Assist the President in supporting the Bank's Board of Directors in its policy-related 

  • responsibilities.

  • Serve as a trusted institutional advisor, helping navigate internal dynamics and executive committee relationships with judgment and discretion.

Research Division Leadership

  • Lead a distinctive, research-intensive division that operates more like an academic department than a traditional policy shop, fostering an environment that values intellectual rigor, collaboration, and inclusivity.

  • Recruit, develop, and retain top-tier and diverse research and policy talent, including individuals from a range of academic institutions and other backgrounds, ensuring the division reflects both excellence and a broad, inclusive perspective.

  • Ensure the division's research informs and is informed by policy, encouraging a two-way exchange where high-quality academic work contributes to monetary and financial policy, and policy challenges inspire impactful, publishable research. Seeks to grow the department's substantial body of published research across all disciplines.

  • Promote collaboration across the Bank, working with areas such as Community Development, Supervision and Regulation, Financial Services/Payments, and Public Affairs to ensure research supports the Bank's mission and enhances public understanding of economic issues.

  • Model inclusive and respectful leadership, fostering a culture where contributions from both PhDs and non-PhDs are valued, and where economists and non-economists alike are respected for their expertise.

  • Oversee the strategic and operational management of a large, multi-group research division—including macro, micro, finance, monetary policy, financial markets, and regional groups—ensuring timely and successful delivery of research and policy outputs.

Operational Management

  • Manage multi-million-dollar budgets and administrative responsibilities while setting clear priorities and motivating a mission-driven team.

  • Advocate for advancements in tools and technology to maintain and enhance the department's status as a top tier research institution.

  • Serve as an institutional leader and builder—demonstrating sound judgment in both economics and people, growing the research and policy bench, fostering cross-functional collaboration, and cultivating a cohesive, mission-driven team grounded in excellence, humility, transparency, and mutual respect.

  • Mentor and support staff, fostering professional development and a culture of continuous improvement.

  • Cultivate a diverse talent pipeline that is essential for the Bank's immediate and future success.

Strategic Leadership

  • Actively participate in the Bank's executive leadership team, contributing to the formulation of overall Bank strategy and guiding both long-term and short-term priorities and operations.

  • Lead internally by exemplifying vision, presence, and commitment to the Bank's core values and objectives.

  • Build and maintain connections throughout the Federal Reserve System to enhance the Bank's role as a thought leader, collaborating with key stakeholders to align with System strategies and priorities.

  • Strengthen relationships with leading economic research institutions and scholars, including through academic advisory councils, consulting arrangements, and conferences, to ensure the Bank remains at the forefront of evolving economic thought—particularly concerning monetary and financial stability policy.

  • Actively represent and promote the Bank's research and policy initiatives in public forums by delivering speeches, participating in media interviews, and hosting or contributing to conferences.

  • Foster relationships and connection with external stakeholders across the Seventh District region.

KEY REQUIREMENTS

  • Ph.D. in economics or finance and a strong academic record of published research.

  • Significant leadership experience at a senior level; excellent managerial skills; experience leading Ph.D. economists, policy professionals, and operations staff.

  • Demonstrated interest in public service and mission-driven work.

  • Experience as a contributor in a policy environment, such as the Federal Reserve, U.S. Treasury Department, International Monetary Fund, Council of Economic Advisers or other related organization.

  • Proven ability to work collaboratively in a complex organization; strong interpersonal skills.

  • Excellent written and verbal communicator; able to communicate effectively with all levels of the organization and across a range of external constituents.

  • Demonstrated commitment to fostering a culture of inclusion, integrity, and collegiality

OTHER REQUIREMENTS AND CONSIDERATIONS

  • Candidates should review the Bank's Ethics Policies & Financial Disclosures to ensure compliance with conflict-of-interest rules and personal investment restrictions.

  • The selected candidate will be subject to a government security investigation and must meet eligibility requirements for access to classified information. Eligibility for this specific position requires U.S. Citizenship or three or more years of Permanent Resident (Green Card) status.

  • If necessary, willingness to relocate to Chicago.

  • Willingness to travel, both domestically and internationally.

Benefits

The bank provides comprehensive benefits:

  • Medical Benefits

  • Pension and 401(k) with employer match

  • Paid time off

  • Tuition reimbursement

  • Employee resource networks

  • Paid volunteer leave

  • Flexible work options

  • Onsite amenities

Learn more about our benefits here: https://www.chicagofed.org/careers/thebenefits

The expected starting salary range for this position is between $408,300 and $452,200 annually in addition to annual performance-based discretionary bonuses. Final salary and offer will be determined based on the applicant's relevant experience, skills, internal equity, and alignment with geographic and other market data. 

The Federal Reserve Bank of Chicago is committed to a diverse and inclusive workplace and to provide equal employment opportunities to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.

All employees assigned to this position will be subject to FBI fingerprint/ criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch lists at least once every five years.

The above statements are intended to describe the general nature and level of work required for this position. They are not intended to be an exhaustive list of all duties, responsibilities, or skills associated with this position or the personnel so classified. While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time.

ETHICS CONSIDERATIONS AND PROHIBITED ACTIVITIES
Employees of the Federal Reserve Bank of Chicago (the Bank) are held to the highest standards of integrity, impartiality, and public trust. To maintain confidence in the Federal Reserve System, all employees must comply with federal statutes prohibiting financial conflicts of interest, and senior officials are subject to additional restrictions.

The Executive Vice President and Director of Research is subject to the Federal Reserve Board's Investment and Trading Policy for FOMC Officials. These rules prohibit certain investments, including individual equities, corporate or municipal bonds, asset-backed securities, agency debt, and derivatives. The Director must:

  • Provide 45 days' advance notice and obtain prior approval for securities transactions.

  • Hold investments for at least one year.

  • Refrain from trading during FOMC blackout periods or periods of financial market stress.

  • Publicly disclose financial transactions.

These restrictions also apply to the Director's spouse and dependent children. In addition, the Bank's Code of Conduct prohibits outside activities that conflict with official duties (e.g., serving as a director of a public company) and certain partisan political activities.

Candidates should review the following to ensure compliance:

Having reviewed the above, candidates should also be prepared to confirm that they and their spouse will have the ability to do the following:

  • Be in full compliance and adhere to all restrictions on standalone investments, including retirement accounts from private employers.

  • Divest any investments that are deemed impermissible.

  • Advise if they own any cryptocurrencies

NOTE: For consideration for this role, please apply via our search partners Spencer Stuart, by submitting your resume to: frbc-rd@spencerstuart.com

Full Time / Part Time

Full time

Regular / Temporary

Regular

Job Exempt (Yes / No)

Yes

Job Category

Executive Family Group

Work Shift

First (United States of America)

The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.

Always verify and apply to jobs on Federal Reserve System Careers (https://rb.wd5.myworkdayjobs.com/FRS) or through verified Federal Reserve Bank social media channels.

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