The committee of 16, which includes members from the transportation sector, business community, construction industry and organized labor, will look into financing the project and potential routes.
Supporters say the express rail service would complement existing public transportation options and provide potential for new jobs.
"People need jobs, I'm just telling you. All professionals dealing with the designing of it, dealing with the building of it, operating of it...connecting more and more businesses in North America, right here in the city of Chicago," said Mayor Daley.
Several other global cities have similar infrastructure in place including London, Shanghai, Hong Kong and Tokyo.