A new vacancy is opening on the Federal Reserve’s 12-member policy committee, as Atlanta Fed President Raphael W. Bostic has announced his retirement. Bostic will step down in February, adding to the recent leadership changes at the U.S. central bank.
Bostic’s decision comes as the Fed navigates a difficult political landscape, marked by President Trump’s demands for interest rate cuts and his appointment of adviser Stephen Miran to the Fed’s board as an interim governor. Bostic’s departure follows the August resignation of Governor Adriana Kugler.
The Federal Open Market Committee (FOMC) sets the nation’s interest rates. It is composed of seven governors, the New York Fed president, and four rotating regional presidents. Bostic’s exit means a new regional voice will eventually join this committee.
The selection of Bostic’s successor will be managed by the Atlanta Fed’s board of directors, not by President Trump. The regional bank will conduct a nationwide search, a process that is a key part of the Fed’s decentralized and independent structure.
Bostic, 59, was the first African American and openly gay regional Fed president. He was praised by Chair Jerome Powell for his “steady voice.” Bostic said he was “proud” of his work to make the “lofty goal of an economy that works for everyone into more of a reality.”
New Vacancy on Fed Policy Committee as Bostic Retires
