Atlanta Fed President Raphael Bostic Announces February Retirement

Raphael W. Bostic, the president of the Federal Reserve Bank of Atlanta, has announced that he will retire from his position in February. This decision opens up a new vacancy on the Federal Reserve’s influential policy committee, which has recently seen other changes. Bostic, aged 59, had the option to remain in his post for another six years but has chosen to step down.
His departure comes at a time of heightened political scrutiny of the US central bank. The Trump administration has been increasingly vocal in its demands for interest rate cuts and has publicly targeted some Fed officials. This campaign has raised concerns about the Federal Reserve’s traditional independence from political influence.
The retirement of Bostic creates another open slot on the Federal Open Market Committee (FOMC), the body responsible for setting the nation’s monetary policy. This follows the resignation of Adriana Kugler from the Fed’s board of governors in August. Following her departure, President Trump appointed Stephen Miran, one of his top advisers, to the board on an interim basis.
However, the president will not be involved in choosing Bostic’s replacement. The Federal Reserve Bank of Atlanta will initiate a nationwide search to find its next president. This process is designed to ensure that the selection is made independently of the executive branch, reinforcing the separation between the central bank and political administration.
Bostic was a historic figure, serving as the first African American and openly gay president of a regional Federal Reserve bank. In his parting statement, he said, “I’m proud of what we accomplished during my tenure to turn the lofty goal of an economy that works for everyone into more of a reality.” Fed Chair Jerome Powell praised Bostic’s “steady voice” and “perspective,” stating his leadership “strengthened our institution.”