Raphael W. Bostic, the president of the Federal Reserve Bank of Atlanta, will retire in February, six years before his term was required to end. His early departure at age 59 comes as the central bank remains under a cloud of political pressure from President Donald Trump, who has persistently attacked its independence.
The Trump administration’s campaign for interest rate cuts has been extraordinary, with the president even targeting specific Fed officials. Bostic is now the latest senior figure to depart, following the August resignation of Fed Governor Adriana Kugler. President Trump replaced Kugler with one of his advisers, Stephen Miran, on an interim basis.
This change creates a new vacancy on the Federal Open Market Committee (FOMC), the 12-person body that guides US monetary policy. The committee’s structure is designed to be a blend of national and regional inputs, with seven governors, the New York Fed president, and four rotating regional presidents.
However, President Trump will not have a say in choosing the next Atlanta Fed president. That responsibility falls to the Atlanta Fed itself, which will conduct a nationwide search. This highlights a key structural defense of the Fed’s independence, separating the appointment of regional presidents from the political process in Washington.
Bostic, the first African American and openly gay regional Fed president, was praised by Fed Chair Jerome Powell for his “steady voice” and commitment to public service. Bostic said he was “incredibly fortunate” to have served and was proud of his work toward “an economy that works for everyone.”