A significant shift is coming to the Federal Reserve System. Raphael Bostic, the president and CEO of the Federal Reserve Bank of Atlanta, announced his intention to retire at the close of his term next February, creating a pivotal vacancy within the nation’s central bank.
Bostic’s departure marks the end of a historic tenure. He broke barriers as the first African American and openly gay president of a regional Federal Reserve bank, a position he’s held since 2017. His leadership spanned a period of immense economic challenges and transformation.
While Bostic participated on the influential Federal Open Market Committee (FOMC), the body responsible for shaping monetary policy, he was not a voting member during the current year. His insights, however, were consistently valued within the committee’s deliberations.
Bostic’s time in office wasn’t without scrutiny. In 2022, questions arose regarding trading activity conducted during restricted periods surrounding policy meetings. An internal review uncovered 154 such trades made on his behalf.
Importantly, the investigation revealed no evidence of illegal activity or personal gain. The report concluded that Bostic did not trade on confidential information or experience any conflicts of interest, ultimately clearing him of wrongdoing.
The responsibility for selecting Bostic’s successor now falls to the Atlanta Fed’s board of directors. They will initiate a comprehensive nationwide search, adhering to established Federal Reserve policies and the Federal Reserve Act.
Bostic himself expressed deep gratitude for the opportunity to lead the Atlanta Fed for over eight years. He spoke of the privilege of working alongside the bank’s dedicated staff to serve the public and advance the Federal Reserve’s mission.
Federal Reserve Board Chair Jerome Powell lauded Bostic’s contributions, emphasizing the value of his perspective on the evolving economy. Powell highlighted Bostic’s analytical approach, experience, and unwavering commitment to public service.
Gregory Haile, chair of the Atlanta board of directors, thanked Bostic for his leadership and dedication to representing the diverse economic realities of the Sixth Federal Reserve District. He noted Bostic’s success in fostering a unified vision for progress.
In the interim, Cheryl Venable, the Bank’s first vice president and chief operating officer, will step in to fulfill the duties of president. This transition will continue until a permanent successor is appointed, ensuring continuity in the bank’s operations.
