Raphael W. Bostic, the president of the Atlanta Fed, will retire in February, a move that comes as the U.S. central bank endures a period of sharp criticism from President Donald Trump. Bostic’s departure will create a new vacancy on the Federal Open Market Committee (FOMC).
The Trump administration has been relentless in its campaign to influence the Fed, demanding lower interest rates and targeting officials. Bostic’s exit is the second high-profile departure in recent months, following Governor Adriana Kugler’s resignation in August. Her position was filled on an interim basis by Trump adviser Stephen Miran.
Bostic, 59, could have remained in his post for six more years. His retirement opens a spot on the 12-member FOMC, which is composed of the seven governors, the New York Fed president, and four rotating regional presidents.
This vacancy, however, will not be filled by the president. The Atlanta Fed has announced it will conduct a nationwide search for its next leader. This independent process is a key feature of the central bank’s structure, designed to insulate regional appointments from politics.
Bostic, the first African American and openly gay regional Fed president, was praised by Chair Jerome Powell for his “perspective” and “steady voice.” Bostic said he was “proud” of his tenure and his work to foster an economy that “works for everyone.”