Raphael W. Bostic, the president of the Federal Reserve Bank of Atlanta, is retiring six years early. Bostic, 59, will step down in February, creating a new vacancy on the Fed’s policy committee at a time of high political tension.
His retirement comes as the Trump administration continues its campaign to influence the central bank, demanding rate cuts. Bostic is the latest senior figure to depart, following Governor Adriana Kugler’s resignation in August.
Kugler’s seat was filled on an interim basis by Trump adviser Stephen Miran. Bostic’s replacement, however, will be chosen by the Atlanta Fed itself, which will conduct a nationwide search.
Bostic was a historic figure, as the first African American and openly gay president of a regional Fed bank. His departure removes a key voice from the Federal Open Market Committee (FOMC).
Fed Chair Jerome Powell praised Bostic’s “steady voice” and “purpose-driven” service. Bostic, in his statement, said he was “proud” of his work to foster an “economy that works for everyone.”
Atlanta Fed President Bostic to Retire Six Years Early
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