Raphael Bostic, First Black Regional Fed President, to Retire

Raphael W. Bostic, who made history as the first African American president of a regional Federal Reserve bank, will retire in February. Bostic, who also broke barriers as the first openly gay regional president, will step down as head of the Atlanta Fed, creating a new vacancy on the Fed’s policy committee.
Bostic, 59, could have served for six more years. His departure comes amid a period of high tension between the White House and the Federal Reserve, with President Trump repeatedly attacking the bank’s independence and demanding interest rate cuts.
His exit is the latest in a series of leadership changes. In August, Adriana Kugler resigned from the Fed’s board of governors. Her seat was then filled on an interim basis by Stephen Miran, a top adviser to President Trump.
The Federal Open Market Committee (FOMC), the 12-member policy-setting body, will lose Bostic’s perspective. However, his successor will not be chosen by the president. The Atlanta Fed will conduct a nationwide search for its next leader.
Fed Chair Jerome Powell praised Bostic, stating, “His perspective has enriched the Federal open market committee’s understanding of our dynamic economy.” Bostic said he was proud of his work to create “an economy that works for everyone.”