Atlanta Fed President to Step Down in February

quote:

---

Raphael W. Bostic said he would step down from his role as president of the Federal Reserve Bank of Atlanta at the end of February, creating another vacancy in the central bank’s top ranks.

Mr. Bostic has served in the position since 2017; his departure from the Fed is the latest as the central bank faces intense pressure from the White House to lower interest rates. His colleague Adriana Kugler resigned in August from her role as a member of the Fed’s board of governors, giving President Trump an opportunity to replace her with one of his top economic advisers, Stephen I. Miran.

---

quote:

---

Mr. Trump will not choose Mr. Bostic’s replacement, nor will the person need to be confirmed by the Senate, as are members of the Fed’s board in Washington. The heads of the 12 regional Reserve Banks are selected by their respective boards of local business leaders. The Atlanta Fed on Wednesday said that its board would form a search committee of its non-banking members to conduct a nationwide search.

The Fed’s board can ultimately veto who is picked for those positions, giving them influence but not control over the process.

Mr. Bostic’s decision to depart at the end of February is notable because that is when the board is set to vote to approve the reappointment of all 12 policymakers, a process that occurs every five years. Mr. Bostic, who was the first Black and openly gay president of a regional bank in the Fed’s history, could have stayed on for six more years before hitting the mandatory retirement age of 65.

---