The Federal Reserve Bank of Atlanta is preparing to launch a nationwide search for a new president following the announcement that Raphael W. Bostic will retire in February. This creates a significant vacancy on the Fed’s powerful policy committee, but it is one that President Donald Trump will not be filling.
While the Trump administration has been actively trying to shape the central bank—recently appointing adviser Stephen Miran as an interim board governor after Adriana Kugler’s resignation—the selection of regional Fed presidents operates under a different system. The Atlanta Fed itself will conduct the search and select Bostic’s successor, shielding the process from White House influence.
This distinction is crucial as the central bank continues to face political pressure. President Trump has repeatedly broken with precedent by demanding specific policy actions, such as interest rate cuts, and publicly criticizing Fed leadership, including Chair Jerome Powell. Bostic’s departure comes in the midst of this tense environment.
Bostic, 59, was the first African American and openly gay president of a regional Fed bank. He could have remained in his post for another six years but opted for retirement. His exit leaves a gap on the 12-member Federal Open Market Committee (FOMC), which is comprised of the seven governors, the New York Fed president, and four rotating regional presidents.
Chair Jerome Powell paid tribute to Bostic, highlighting his positive influence: “His perspective has enriched the Federal open market committee’s understanding of our dynamic economy… His leadership has strengthened our institution.” Bostic, in his own statement, said he was proud of his work to “advance that bold vision” of an economy for everyone.