As Atlanta Fed President Raphael W. Bostic announces his February retirement, one thing is clear: President Donald Trump will not be picking his successor. This fact highlights the structural independence of the Federal Reserve’s regional banks, even as the president campaigns against the central bank.
Bostic’s retirement creates a new vacancy on the Federal Open Market Committee (FOMC). It follows the August resignation of Governor Adriana Kugler. Unlike Kugler’s position on the board of governors, which President Trump filled on an interim basis with his adviser Stephen Miran, the Atlanta Fed presidency is not a presidential appointment.
The Atlanta Fed has confirmed it will conduct a nationwide search for its next president. This process is managed by the regional bank’s own board of directors, shielding it from the political pressures in Washington.
Bostic, 59, was the first African American and openly gay regional Fed president. His departure comes six years before his term was set to expire. His time at the Fed was marked by the administration’s unusual public criticism of the central bank’s policies.
Fed Chair Jerome Powell praised Bostic’s “steady voice” and “purpose-driven” public service. Bostic, in his own statement, said he was “incredibly fortunate” to have served and “proud” of his work to advance the vision of an inclusive economy.