Raphael W. Bostic, the trailblazing head of the Atlanta Fed, has announced his retirement. Bostic, who was the first African American and openly gay president of a regional Fed bank, will step down in February.
His decision to retire, at age 59, comes six years before his term was set to expire. This move creates a new vacancy on the Federal Reserve’s powerful policy committee at a time of heightened political tension between the White House and the central bank.
President Trump has repeatedly criticized the Fed and demanded interest rate cuts. Bostic’s departure follows the August resignation of Fed Governor Adriana Kugler, whose seat was then filled on an interim basis by Trump adviser Stephen Miran.
The search for Bostic’s replacement will be conducted by the Atlanta Fed, not the president. The regional bank will launch a nationwide search, a process that is a key feature of the Fed’s independent structure.
In a statement, Fed Chair Jerome Powell praised Bostic’s service, noting his “perspective” enriched the Fed’s understanding of the economy. Bostic said he was “proud” of his work to advance the “bold vision” of an economy that works for all.
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