Raphael W. Bostic, who broke barriers as the first African American and openly gay president of a regional Federal Reserve bank, is retiring. The 59-year-old head of the Atlanta Fed will step down in February.
His retirement comes at a time when the Fed is under intense political scrutiny from the Trump administration. President Trump has repeatedly demanded interest rate cuts and sought to influence the independent central bank.
Bostic’s departure is the second high-profile exit in recent months, following Governor Adriana Kugler’s resignation in August. Her seat was filled on an interim basis by Trump adviser Stephen Miran. Bostic’s exit creates a new vacancy on the 12-member Federal Open Market Committee (FOMC).
The search for Bostic’s successor will be managed by the Atlanta Fed’s board of directors, not by the White House. A nationwide search will be conducted.
Bostic was praised by Fed Chair Jerome Powell, who said his “steady voice has exemplified the best of public service.” Bostic, in his statement, said he was “proud” of his work to turn the “lofty goal of an economy that works for everyone into more of a reality.”
