Charles L. Evans facts for kids

Quick facts for kids Charles Evans
Evans in 2022
President of the Federal Reserve Bank of Chicago
In office September 1, 2007 – January 9, 2023
Preceded by	Michael H. Moskow
Succeeded by	Austan Goolsbee
Personal details
Born	(1958-01-15) January 15, 1958 (age 67)
Education	University of Virginia (BA) Carnegie Mellon University (MA, PhD)

Official portrait

Charles L. Evans was an important leader at the Federal Reserve Bank of Chicago. He was its president and chief executive officer from 2007 to 2023. During this time, he also helped make big decisions about the country's money as part of the Federal Open Market Committee (FOMC). The FOMC is a group that sets the rules for how money moves in the United States.

Early Career and Education

Before he became president, Mr. Evans was in charge of research at the Chicago Fed. He looked into how money works, how banks operate, and how the economy was doing in different areas. He also worked as a senior economist, studying big picture economic trends.

Mr. Evans taught at several universities. These included the University of Chicago, the University of Michigan, and the University of South Carolina.

He studied economics at the University of Virginia, where he earned his bachelor's degree. Later, he received his doctorate in economics from Carnegie Mellon University in Pittsburgh. In 2024, Carnegie Mellon University gave him an honorary Doctor of Public Service degree.

Charles Evans is married and has two children.

The Evans Rule

What is the Federal Open Market Committee?

The Federal Open Market Committee (FOMC) is a very important group. It is part of the Federal Reserve System, which is like the central bank of the United States. The FOMC's main job is to decide how much money is available in the economy. This is called "monetary policy." They try to keep prices stable and help people find jobs.

How the Evans Rule Helped the Economy

In December 2012, the FOMC decided to make its plans clearer. This new way of guiding the economy was called the "Evans Rule." Charles Evans had suggested a version of this rule for many months.

The Evans Rule said that the FOMC would keep interest rates very low. They would do this until the unemployment rate dropped below 6.5%. They would also keep rates low if inflation, which is how fast prices go up, stayed below 2.5%.

This rule helped people understand what the Federal Reserve was planning. It gave businesses and families more certainty about the future. In March 2014, the FOMC changed how they talked about these numbers. However, they said their main goal for the economy had not changed.

External Links

• Charles Evans' Biography
• CNBC