Raphael W. Bostic, the president of the Federal Reserve Bank of Atlanta, will retire in February. His departure was met with high praise from Fed Chair Jerome Powell, who lauded Bostic’s “steady voice” and “perspective” as key contributions to the central bank.
Bostic, 59, is retiring six years early. His tenure was historic, as he was the first African American and openly gay president of a regional Fed bank. His exit creates a vacancy on the Federal Open Market Committee (FOMC).
This leadership change is occurring in a challenging environment for the Fed. The Trump administration has been pressuring the bank to cut interest rates, and recently appointed adviser Stephen Miran as an interim governor following Adriana Kugler’s resignation.
The process for replacing Bostic will be handled by the Atlanta Fed’s board of directors, which will conduct a nationwide search. This procedure is separate from the White House, reinforcing the regional banks’ independence.
Bostic said he was “incredibly fortunate” to have served and “proud” of his accomplishments. Powell added that Bostic’s “leadership has strengthened our institution and advanced the Federal Reserve’s mission.”