Raphael W. Bostic, the president of the Atlanta Fed, will retire in February, capping a historic career as the first African American and openly gay regional Fed president. His departure, at age 59, comes six years before his term was set to expire.
This announcement comes as the Federal Reserve navigates an “extraordinary campaign” by President Trump to influence its policy. 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 retirement creates a new vacancy on the 12-member Federal Open Market Committee (FOMC).
The selection of Bostic’s successor will be handled by the Atlanta Fed’s board, not by President Trump. The regional bank will conduct a nationwide search, a process that is independent of the political administration.
Fed Chair Jerome Powell praised Bostic, stating, “His leadership has strengthened our institution.” Bostic said he was “incredibly fortunate” to have served and “proud” of his work to create an “economy that works for everyone.”