Raphael W. Bostic, who made history at the Federal Reserve, is stepping down. The president of the Atlanta Fed, who was the first African American and openly gay regional president, will retire in February.
His retirement comes at a time of significant political tension, with the Trump administration waging a public campaign against the central bank’s independence and demanding interest rate cuts.
Bostic’s departure is the second major exit recently, following Governor Adriana Kugler’s resignation in August. Her interim replacement is Stephen Miran, a top Trump adviser. Bostic’s retirement creates a new vacancy on the 12-member Federal Open Market Committee (FOMC).
The White House will not be involved in finding Bostic’s replacement. The Atlanta Fed will conduct its own nationwide search, a key structural independence of the regional banks.
Bostic, 59, was praised by Fed Chair Jerome Powell for his “steady voice” and “perspective.” Bostic said he was “proud” of his work to advance the “bold vision” of an economy that works for all.