Fed’s Bostic to Retire, Capping Historic Tenure at Atlanta Fed

Raphael W. Bostic, the president of the Federal Reserve Bank of Atlanta, will retire in February, capping a historic tenure. Bostic was the first African American and openly gay president of any of the 12 regional Fed banks.
His retirement, at age 59, comes six years early and at a time of significant political pressure on the central bank. The Trump administration has repeatedly attacked the Fed’s independence and demanded lower interest rates.
Bostic’s exit is the latest in a series of leadership changes. In August, Adriana Kugler resigned from the Fed’s board of governors. President Trump then named Stephen Miran, a top adviser, as her interim replacement.
His departure leaves a vacancy on the Federal Open Market Committee (FOMC), the 12-member group that sets interest rate policy. The Atlanta Fed, not the White House, will conduct a nationwide search for his successor.
Fed Chair Jerome Powell praised Bostic’s “steady voice” and “perspective.” Bostic said he was “incredibly fortunate” to have served and “proud” of his work to create an “economy that works for everyone.”