Atlanta Fed President Steps Down, Capping Trailblazing Career

Raphael W. Bostic, who made history as the first African American and openly gay president of a regional Federal Reserve bank, is stepping down. The 59-year-old head of the Atlanta Fed will retire in February, leaving his post six years before his term was scheduled to end.
Bostic’s tenure has been marked by his work on the goal of “an economy that works for everyone.” His retirement, however, comes during a period of extraordinary tension between the White House and the Federal Reserve. President Donald Trump has repeatedly attacked the central bank’s autonomy and demanded policy changes.
Bostic’s departure is the second significant exit from the Fed’s leadership in recent months. It follows the August resignation of Adriana Kugler from the Fed’s board of governors. Her interim replacement is Stephen Miran, one of President Trump’s top advisers.
His exit creates a vacancy on the Federal Open Market Committee (FOMC), the 12-member group that determines interest rate policy. This committee is composed of the seven governors, the president of the New York Fed, and four of the other regional presidents on a rotating basis.
The Atlanta Fed will conduct a nationwide search for Bostic’s successor, a process independent of the president. Fed Chair Jerome Powell praised Bostic, stating, “His perspective has enriched” the FOMC. Bostic, in turn, said he was “proud of what we accomplished” during his time at the bank.