Raphael W. Bostic, the trailblazing president of the Atlanta Fed, is stepping down in February to begin his “next chapter.” Bostic, 59, was the first African American and openly gay president of a regional Fed bank. His retirement comes six years before his term was due to end.
His departure creates a new vacancy on the Federal Open Market Committee (FOMC), the 12-member group that sets U.S. interest rates. This change comes as the Fed continues to face public criticism from the Trump administration, which has been demanding lower rates.
Bostic’s exit follows the August resignation of Fed Governor Adriana Kugler. President Trump appointed his adviser, Stephen Miran, as her interim replacement, a move that raised concerns about the Fed’s autonomy.
Unlike the board of governors, Bostic’s successor will be chosen by the Atlanta Fed. The bank will conduct a nationwide search, a process that is independent of the White House and a key part of the Fed’s decentralized structure.
In his parting statement, Bostic said he was “proud” of his work to create “an economy that works for everyone.” He was praised by Fed Chair Jerome Powell, who said Bostic’s “steady voice has exemplified the best of public service.”