Atlanta Fed President Bostic Steps Down; Bank to Launch Independent Search

The Federal Reserve Bank of Atlanta is preparing for a leadership change as its president, Raphael W. Bostic, has announced his retirement for February. This move creates a new vacancy on the Federal Open Market Committee (FOMC), the central bank’s powerful policy-setting arm.
Bostic’s decision to step down, at age 59, comes six years before his term was set to expire. His departure occurs during a period of sustained political criticism aimed at the Federal Reserve by the Trump administration, which has been pushing for interest rate cuts.
Following the August resignation of Fed Governor Adriana Kugler, President Trump appointed one of his top advisers, Stephen Miran, to the board on an interim basis. This move heightened concerns about the Fed’s traditional autonomy from political influence.
However, the process for replacing Bostic will be different. The Federal Reserve Bank of Atlanta will conduct a nationwide search for its next president. This process is managed by the regional bank’s board of directors, not the White House, a key structural safeguard for the Fed’s independence.
Bostic, the first African American and openly gay regional Fed president, was praised by Fed Chair Jerome Powell for his “steady voice” and “perspective.” Bostic stated he was “proud” of his work to foster “an economy that works for everyone.”