May 15, 2015

Mayor Rahm Emanuel Names Carole L. Brown as City of Chicago Chief Financial Officer

Mayor's Press Office    312.744.3334

Mayor Emanuel today named Carole L. Brown as the City of Chicago’s new Chief Financial Officer (CFO). Brown is replacing outgoing CFO Lois Scott who is leaving the post next week.

“Carole Brown brings decades of financial experience to the City of Chicago,” said Mayor Emanuel. “Carole’s experience and reputation as a tough, but honest financial manager will be a valuable asset as we continue to create a conducive environment for job creation and economic growth for the City of Chicago. “

Brown currently serves as a Managing Director at Barclays, heading the firm’s Midwest municipal practice. In her role, she serves as senior investment banker for municipal clients in the Midwest region and is responsible for the firm’s client relationships in Atlanta, Washington, D.C., and Los Angeles. Prior to joining Barclays, Ms. Brown was with Siebert Brandford Shank & Co LLC and Mesirow Financial.

A Baltimore native, Ms. Brown graduated from Harvard and received her master’s degree from Northwestern University’s Kellogg School of Management.

She served as Chairman of the Chicago Transit Authority Board from 2002 through 2009. During her CTA tenure, Ms. Brown used her financial expertise to help the CTA address structural deficits through efficiencies and reforms, finance billions of dollars in deferred maintenance, rail improvements, and capital construction. She also helped oversee development of the Pink Line and the first Blue Line reconstruction project.

“I am grateful to Mayor Emanuel for offering me this opportunity to serve Chicago residents, and I am eager to begin working with the Mayor’s financial team to address the city’s financial challenges,” said Ms. Brown.

Ms. Brown was a member of Mayor Emanuel’s first term Transition Team and served as chairman of his TIF Reform Panel, which not only developed a comprehensive TIF policy, but recommended metrics to track the performance of TIF districts and projects, and improved the transparency of the City’s use of TIF. The task force also proposed ways to link TIF spending to a broader financial strategy and, for the last two years, Mayor Emanuel has released TIF surplus funds back to city agencies, including Chicago Public Schools.

She was also appointed by Mayor Emanuel to the Board of the Chicago Community Trust. Since 2011, she has also served as an appointee to the State of Illinois Budget for Results Commission. She also serves on the boards of several non-profit organizations, including the Illinois Council Against Handgun Violence, Metropolitan Planning Council, and oneFund Chicago. She has been a member of the Illinois Budget for Results Commission since 2011.