The Federal Reserve Bank of Atlanta's President and CEO, Dr. Raphael Bostic, has declared his intention to retire at the end of his term in February.
This announcement marks the end of a tenure that saw Bostic make history as the first African American and openly gay president of a regional Federal Reserve Bank.
According to Gateway Pundit, Bostic's tenure, which began in 2017, was not without controversy. He came under scrutiny for allegedly violating trading rules. "In October 2022, the Fed announced it was looking at trades Bostic made during blackout periods near policy meetings. An internal report showed there were 154 trades made on his behalf during those times.
However, the report also indicated there was no evidence Bostic traded on insider information or had personal conflicts," as reported by CNBC.
Despite the controversy, Bostic's contributions to the Federal Reserve Bank of Atlanta were significant. He served on the Federal Open Market Committee (FOMC), although he did not hold voting rights this year. His responsibilities extended to overseeing all of the Bank's activities, including monetary policy, bank supervision, and payment services.
Reflecting on his term, Bostic said, Its been my distinct honor and privilege to lead the Atlanta Fed for these past eight and a half years. I feel incredibly fortunate to have worked with the Atlanta Feds outstanding staff to fulfill the Federal Reserves mission and serve the Sixth District and the American people. Im 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, and I look forward to discovering new ways to advance that bold vision in my next chapter.
Federal Reserve Board Chair Jerome H. Powell also acknowledged Bostic's contributions, stating, It has been a privilege to serve alongside President Bostic. His perspective has enriched the Federal Open Market Committees understanding of our dynamic economy. And his steady voice has exemplified the best of public servicegrounded in analysis, informed by experience, and guided by purpose. His leadership has strengthened our institution and advanced the Federal Reserves mission.
The task of finding Bostic's replacement now falls to the Atlanta Feds board of directors. They will form a search committee comprised of non-banking members of the Atlanta Feds Board of Directors to conduct a nationwide search for the next President of the Federal Reserve Bank of Atlanta, in line with Federal Reserve policies and the Federal Reserve Act.
Gregory Haile, chair of the Atlanta board of directors, expressed gratitude for Bostic's leadership, saying, The Atlanta Fed board of directors thanks President Bostic for his excellent leadership, intellectual integrity, and dedication to serving the American people. As the leader of the Atlanta Fed, he successfully represented the varied perspectives of the Sixth Federal Reserve District, representing the economic experiences of all Americans in the formation of monetary policy.
In the event that a successor is not appointed by February 28, 2026, the Banks first Vice President and chief operating officer, Cheryl Venable, will assume the duties of President on an interim basis, as per Section 4 of the Federal Reserve Act. As the search for Bostic's replacement begins, the Federal Reserve Bank of Atlanta remains committed to its mission of serving the American people and the Sixth District.
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