The head of the Federal Reserve Bank of Atlanta announced plans to step down amid an extraordinary campaign by Donald Trump to exert influence over the US central bank.
Raphael W Bostic, president of the Atlanta Fed, will retire from the role in February – creating another vacancy on the Fed’s powerful policy committee.
As the Trump administration continues to demand interest rate cuts, and even target some Fed officials, Bostic is the latest senior figure to depart.
After Adriana Kugler resigned in August from the Fed’s board of governors, Trump replaced her on interim basis with Stephen Miran, one of his top advisers.
The US president will not pick Bostic’s successor, however. The Atlanta Fed will now conduct a nationwide search for its next president.
Bostic, 59, could have remained in post for another six years. He was the first African American and openly gay president of a regional Federal Reserve bank in the central bank’s history.
The Fed’s rate-setting open market committee (FOMC) has 12 members at any one time. These include the central bank’s seven board governors, the president of the New York Fed, and four of the 11 other regional Fed presidents, who rotate through yearly terms.
“I feel incredibly fortunate to have worked with the Atlanta Fed’s outstanding staff to fulfill the Federal Reserve’s mission and serve the sixth district and the American people,” said Bostic. “I’m proud of what we accomplished during my tenure to turn the lofty goal of an economy that works for everyone into more of a reality, and I look forward to discovering new ways to advance that bold vision in my next chapter.”
Jerome Powell, the Fed chair, paid tribute to Bostic. “His perspective has enriched the Federal open market committee’s understanding of our dynamic economy,” said Powell. “And his steady voice has exemplified the best of public service – grounded in analysis, informed by experience and guided by purpose.
“His leadership has strengthened our institution and advanced the Federal Reserve’s mission.”
