Another Senior Fed Figure Departs: Bostic to Leave in February

Another senior figure at the Federal Reserve is departing, as Atlanta Fed President Raphael W. Bostic has announced his retirement for February. This adds to the recent turnover at the central bank, which has been facing political pressure from the Trump administration.
Bostic’s exit follows the August resignation of Governor Adriana Kugler. Her seat was then filled on an interim basis by Stephen Miran, one of President Trump’s top advisers. Bostic’s retirement creates a new vacancy on the policy-setting Federal Open Market Committee (FOMC).
Bostic, 59, was the first African American and openly gay regional Fed president. He could have remained in his post for six more years. His departure removes a key voice from the Fed’s monetary policy debates.
The White House will not be involved in selecting his replacement. The Atlanta Fed will conduct its own nationwide search for a new president, a process that is a hallmark of the Fed’s independent, decentralized structure.
Fed Chair Jerome Powell praised Bostic’s “steady voice” and “purpose-driven” public service. Bostic, in his own statement, said he was “proud” of his work to advance the “bold vision” of an inclusive economy.