The Federal Reserve’s powerful policy committee will soon have another empty seat. Raphael W. Bostic, the president of the Federal Reserve Bank of Atlanta, has announced he will retire in February.
This move comes as the central bank weathers a storm of criticism from the Trump administration, which has been demanding interest rate cuts. Bostic’s departure follows the August resignation of Governor Adriana Kugler, whose position was then filled on an interim basis by Trump adviser Stephen Miran.
Bostic, 59, could have served for six more years. His retirement creates a vacancy on the 12-member Federal Open Market Committee (FOMC), the group responsible for setting the nation’s monetary policy.
The process to replace Bostic will be managed by the Atlanta Fed’s board of directors, not by President Trump. The regional bank will conduct a nationwide search, a key structural feature that insulates regional appointments from politics.
Bostic, the first African American and openly gay regional Fed president, was praised by Chair Jerome Powell for his “perspective.” Bostic stated he was “proud” of his work to advance the “bold vision” of an inclusive economy.