(Adds word to headline)
By Howard Schneider
WASHINGTON (Reuters) -Atlanta Federal Reserve President Raphael Bostic, the first Black and the first openly gay president of one of the Fed’s 12 regional banks, said on Wednesday he will retire at the end of his current term on February 28, 2026.
His retirement will end an eight-and-a-half-year stint that saw him also take an outspoken stance on issues of economic equity in the wake of national social justice protests in 2020.
Bostic’s unexpected departure at age 59 – years ahead of mandatory retirement age – comes as the Fed Board of Governors was already mulling the reappointments of its 12 regional leaders, a process that could be unusually complex this year as President Donald Trump pushes for greater influence over the central bank.
“It’s been my distinct honor and privilege to lead the Atlanta Fed for these past eight and a half years,” Bostic said in a statement about his plans to not seek reappointment to another five-year term. “I feel incredibly fortunate.”
Along with Bostic’s outspokenness on issues of economic justice, toned down amid the backlash to “woke” politics but still a point of criticism among conservatives, he was also swept up in a central bank controversy about the trading activities of some policymakers.
Last year, the Fed’s Inspector General, an in-house watchdog, said Bostic created both the appearance he’d traded on confidential information and the appearance of a conflict of interest, based on how he’d managed and reported his personal investments.
A PhD economist who worked as an academic and policymaker at the Department of Housing and Urban Development before joining the Fed, he did not announce any further plans.
“I’m proud of what we accomplished during my tenure to turn the lofty goal of an economy that works for everyone into more of a reality, and I look forward to discovering new ways to advance that bold vision in my next chapter,” said Bostic, who took on prominent roles in Atlanta civics groups while also traveling to rural parts of his southeastern district in an effort to deepen the Fed’s work on community development.
A search committee will be formed to select a replacement.
“As the leader of the Atlanta Fed, he successfully represented the varied perspectives of the Sixth Federal Reserve District, representing the economic experiences of all Americans in the formation of monetary policy,” said Gregory Haile, chair of the Atlanta Fed board of directors.
“It has been a privilege to serve alongside President Bostic,” Fed Chair Jerome Powell said in comments included in the release from the Atlanta Fed.
“His perspective has enriched the Federal Open Market Committee’s understanding of our dynamic economy. And his steady voice has exemplified the best of public service – grounded in analysis, informed by experience, and guided by purpose. His leadership has strengthened our institution and advanced the Federal Reserve’s mission.”
(Reporting by Howard Schneider; Editing by Andrea Ricci)
Comments