Raphael W. Bostic, a trailblazing figure who served as the first African American and openly gay president of a regional Federal Reserve bank, is retiring. Bostic, 59, will step down as head of the Atlanta Fed in February, six years before his term was set to end.
His departure creates a new vacancy on the Federal Open Market Committee (FOMC), the 12-member body that sets U.S. interest rates. This change comes at a time of heightened political tension, with the Trump administration pressuring the central bank.
Bostic’s exit is the second high-profile departure from the Fed in recent months. It follows the August resignation of Governor Adriana Kugler, whose seat was then filled on an interim basis by Trump adviser Stephen Miran.
The search for Bostic’s replacement will be managed by the Atlanta Fed’s board, not the White House. The bank will conduct a nationwide search, a process that is independent of the executive branch.
Fed Chair Jerome Powell praised Bostic’s “steady voice” and “purpose-driven” public service. Bostic, in his own statement, said he was “proud of what we accomplished” to create “an economy that works for everyone.”