WASHINGTON-Randall S. Kroszner was sworn into his new post as Federal Reserve Board governor by Chairman Ben Bernanke March 1. President George W. Bush announced his intent to nominate Kroszner on Jan. 27 and the Senate confirmed him on Feb. 17. He replaces Edward M. Gramlich, who resigned on Aug. 31, 2005. The term expires January 31, 2008. Prior to joining the Fed Board, Kroszner was a professor of economics at the Graduate School of Business of the University of Chicago from 1999 to 2006. From 2001 through 2003, he also served on the President's Council of Economic Advisers. He was also assistant professor (1990-1994) and associate professor (1994-1999) at the University. Kroszner was Director of the George J. Stigler Center for the Study of the Economy and the State and editor of the Journal of Law & Economics. He was a visiting scholar at the American Enterprise Institute, a research associate at the National Bureau of Economic Research, and a director at the National Association for Business Economics. Dr. Kroszner also was a member of the Federal Economic Statistics Advisory Committee at the Bureau of Labor Statistics in the Department of Labor. Kroszner's research interests include conflicts of interest in financial services firms, international financial crises, corporate governance, debt restructuring and bankruptcy, and monetary economics.