The Federal Reserve is facing another leadership gap following the announced retirement of Atlanta Fed President Raphael W. Bostic, effective in February. This move opens a new vacancy on the Fed’s powerful Federal Open Market Committee (FOMC).
Bostic’s retirement is the latest senior departure from the central bank, which has been operating under intense political pressure from the Trump administration. After Governor Adriana Kugler resigned in August, President Trump installed his adviser, Stephen Miran, as her interim replacement on the Fed’s board.
The departure of Bostic, who at 59 could have served another six years, removes a key voice from the Fed’s policy debates. Bostic was a historic figure, as the first African American and openly gay president of a regional Fed bank.
His successor will be chosen not by the president, but by the Atlanta Fed itself. The regional bank has announced plans for a nationwide search to find its next leader, a process that is shielded from political influence.
Fed Chair Jerome Powell praised Bostic’s contribution, stating his “perspective has enriched” the FOMC. Bostic said he was “incredibly fortunate” to have served and was “proud” of his accomplishments in working toward an inclusive economy.
Another Leadership Gap at the Fed as Atlanta’s Bostic Retires
