Atlanta Fed's Bostic retiring in February, as reappointments loom
Add Axios as your preferred source to
see more of our stories on Google.
Atlanta Fed president Raphael Bostic. Photo: Desiree Rios/Bloomberg via Getty Images
Raphael Bostic, the president of the Federal Reserve Bank of Atlanta since 2017, will retire at the end of February as his term comes up for reappointment, the bank announced Wednesday morning.
- An open question is whether any other reserve bank presidents will follow.
State of play: All 12 presidents of reserve banks serve five-year terms that renew at the same time — February of years that end in 1 or 6. That means they all face reappointment, which must be confirmed by the Board of Governors in Washington, in the next three months.
- Usually, it's not particularly eventful; no reserve bank presidents stepped aside in the last round in February 2021.
- Fed watchers are closely monitoring whether there is more churn this cycle, as President Trump appoints new governors who seek sweeping reform of the Fed system.
The intrigue: Bostic is 59 years old. By all appearances, he is in good health and enjoys the job.
- He previously served as an assistant secretary at the Department of Housing and Urban Development in the Obama administration.
- He has often spoken of the urgency of economic policy that seeks broadly shared growth and that reduces racial and geographic inequality.
An investigation by the Fed's inspector general last year found Bostic violated restrictions on Fed officials carrying out financial transactions while policy decisions are pending.
- In disclosing the violations in 2022, Bostic attributed them to third-party asset managers carrying out transactions without his knowledge.
Of note: When he was appointed in 2017, Bostic was both the first Black and first gay president of a Fed bank.
What they're saying: "It's been a privilege to serve alongside President Bostic," chair Jerome Powell said in a press release, adding that "his steady voice has exemplified the best of public service — grounded in analysis, informed by experience, and guided by purpose."
- We asked Powell about the reappointment cycle in last month's news conference, and he said only that "we're in the middle of that process" of reappointments "and we're going to complete it in a timely way."
What's next: The Atlanta Fed's board will convene a search committee that will identify a new leader for the bank, subject to approval by the Board of Governors.
