The leadership turnover at the Federal Reserve continues as Raphael W. Bostic, the president of the Federal Reserve Bank of Atlanta, announces his retirement for February. Bostic’s departure creates a new vacancy on the central bank’s policy-setting committee.
This move follows the recent resignation of Fed Governor Adriana Kugler in August. Her position was subsequently filled on an interim basis by Stephen Miran, a top adviser to President Trump, a move that drew criticism for politicizing the Fed.
Bostic’s retirement comes as the central bank faces a sustained campaign of pressure from the Trump administration, which is demanding interest rate cuts. Bostic, 59, could have remained in his post for six more years.
A new leader for the Atlanta Fed will be chosen through a nationwide search, but this process will be managed by the Atlanta Fed’s board, not the White House. This structure is intended to insulate the regional banks from political influence.
Bostic, the first African American and openly gay regional Fed president, was praised by Chair Jerome Powell for his “steady voice.” Bostic, in his statement, expressed pride in his work toward “an economy that works for everyone.”