The Federal Reserve’s key policy-making body, the Federal Open Market Committee (FOMC), will have a new vacancy as Atlanta Fed President Raphael W. Bostic steps down. Bostic announced his retirement for February.
His retirement comes as the central bank faces intense political pressure from the Trump administration, which has demanded interest rate cuts. Bostic, 59, is the latest senior figure to depart, following the August resignation of Governor Adriana Kugler.
President Trump appointed his adviser, Stephen Miran, as Kugler’s interim replacement. However, Trump will not be involved in replacing Bostic. The Atlanta Fed will conduct its own nationwide search for a new president.
Bostic, the first African American and openly gay regional Fed president, was praised by Chair Jerome Powell for his “steady voice” and “perspective.”
Bostic, in his own statement, said he was “proud of what we accomplished” to advance the “bold vision” of an economy that “works for everyone.” Powell added that Bostic’s leadership “strengthened our institution.”