- Associated Press - Sunday, May 17, 2015

CHICAGO (AP) - The former head of the Chicago Transit Authority Board has been named Chicago’s new chief financial officer.

Mayor Rahm Emanuel named Carole Brown to the post on Friday. She replaces Lois Scott, who announced earlier this month that she’ll step down this week.

Brown takes over as the city is facing serious financial problems, including a multibillion-dollar unfunded pension liability.

Emanuel says she brings to the job decades of financial expertise and a reputation as a “tough but honest financial manager.”

Brown is a senior investment banker at Barclays. She’s a graduate of Harvard University who served on the CTA board from 2002 to 2009.

Brown also served on Emanuel’s transition team after he was first elected mayor.

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