Raphael W. Bostic, the head of the Federal Reserve Bank of Atlanta, will step down from his role in February, according to an announcement from the bank. His retirement creates a new vacancy on the Federal Open Market Committee (FOMC), the central bank’s 12-member policy-setting group.
Bostic, 59, could have served for another six years but has chosen to retire. His tenure was historic; he was the first African American and openly gay individual to lead one of the Fed’s 12 regional banks. His departure comes at a sensitive time, as the Federal Reserve fends off persistent criticism and pressure from the Trump administration.
President Trump has repeatedly broken with precedent by demanding interest rate cuts and targeting Fed officials. The central bank has seen other recent leadership changes, including the August resignation of Governor Adriana Kugler. Her seat was subsequently filled on an interim basis by Stephen Miran, a top Trump adviser.
This upcoming vacancy on the FOMC will be filled through a process separate from the White House. The Federal Reserve Bank of Atlanta will conduct a nationwide search for Bostic’s successor. This decentralized selection process is a key part of the Fed’s structure, intended to safeguard its independence.
Fed Chair Jerome Powell paid tribute to Bostic, calling him a “steady voice” who “exemplified the best of public service.” Bostic, in his own statement, said he was “incredibly fortunate” to have worked at the Atlanta Fed and proud of the accomplishments made toward creating “an economy that works for everyone.”