A key leadership post at the Federal Reserve is opening up, as Atlanta Fed President Raphael W. Bostic has announced his retirement for February. Bostic’s departure creates a new vacancy on the Fed’s powerful policy-setting committee.
This announcement comes during a challenging time for the central bank, which has been under sustained attack by the Trump administration over its monetary policy. The administration recently installed one of its top advisers, Stephen Miran, as an interim governor after Adriana Kugler resigned in August.
Bostic’s exit, at age 59, means he is leaving his post six years early. His departure will be felt on the 12-member Federal Open Market Committee (FOMC), the group that sets U.S. interest rates.
The process for replacing Bostic will be managed by the Atlanta Fed’s board of directors, not the White House. The regional bank will conduct a nationwide search, underscoring the autonomy of the Fed’s 12 regional branches.
Bostic, a trailblazer as the first African American and openly gay regional Fed president, was praised by Fed Chair Jerome Powell. “His leadership has strengthened our institution,” Powell said. Bostic expressed pride in his work toward “an economy that works for everyone.”