Raphael W. Bostic, a trailblazing figure within the US central bank, has announced his retirement. Bostic, who made history as the first African American and openly gay president of a regional Federal Reserve bank, will step down as head of the Atlanta Fed in February. At 59, he was eligible to serve for another six years.
His retirement announcement comes at a sensitive time for the Federal Reserve. The institution has been weathering a sustained campaign of criticism from President Donald Trump, who has frequently demanded interest rate cuts and sought to exert greater influence over the traditionally independent central bank.
Bostic’s departure marks the second high-profile exit from the Fed’s leadership ranks in recent months. In August, Adriana Kugler resigned from the Fed’s board of governors. President Trump then named one of his top advisers, Stephen Miran, to fill her seat on an interim basis, a move that drew significant attention.
The exit of Bostic creates a vacancy on the Federal Open Market Committee (FOMC), the 12-member group that sets national interest rate policy. The Atlanta Fed, however, will manage the search for its next president, a process that remains separate from presidential appointments. A nationwide search will be conducted to find the next leader.
In a statement, Bostic reflected on his tenure, expressing pride in his team’s accomplishments toward building “an economy that works for everyone.” Fed Chair Jerome Powell lauded Bostic’s contributions, stating, “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.”