The Federal Reserve Bank of Atlanta is beginning a search for a new president, as its current leader, Raphael W. Bostic, has announced he will retire in February. Bostic, 59, leaves his post six years early, creating a vacancy on the Fed’s policy committee.
This departure comes amid a period of significant political pressure on the central bank from the Trump administration. The president has repeatedly demanded interest rate cuts and has sought to install his own advisers, like Stephen Miran, in leadership roles at the Fed.
Bostic’s exit is the second high-profile departure recently, following Governor Adriana Kugler’s resignation in August. Bostic’s seat on the Federal Open Market Committee (FOMC), the 12-member rate-setting body, will now be filled by a new appointee.
However, the White House will not be involved in the selection. The Atlanta Fed will conduct its own nationwide search for a successor, a process that highlights the independence of the Fed’s regional banks.
Bostic, a historic figure as the first African American and openly gay regional Fed president, was lauded by Fed Chair Jerome Powell for his “perspective” and “public service.” Bostic said he was “proud” of his accomplishments in fostering a more inclusive economy.