Raphael W. Bostic, the president of the Federal Reserve Bank of Atlanta, will retire in February. His departure comes as the U.S. central bank faces an “extraordinary campaign” by President Donald Trump to exert influence over its independent policy decisions.
Bostic, 59, is the latest senior figure to depart. His exit follows the August resignation of Adriana Kugler from the Fed’s board of governors. President Trump filled that vacancy on an interim basis with one of his top advisers, Stephen Miran.
Bostic’s retirement creates another vacancy on the Federal Open Market Committee (FOMC), the 12-member group that sets interest rates. The FOMC is composed of seven governors, the New York Fed president, and four rotating regional presidents.
President Trump will not, however, be involved in choosing Bostic’s successor. The Federal Reserve Bank of Atlanta has announced it will conduct a nationwide search for its next president, a process managed by the regional bank’s board.
Bostic, the first African American and openly gay regional Fed president, was praised by Fed Chair Jerome Powell for his “steady voice” and “purpose-driven” service. Bostic stated he was proud of his work to create “an economy that works for everyone.”