Atlanta Fed president to step down ahead of reappointment

Help wanted…at the Fed.

Raphael Bostic, president of the Federal Reserve Bank of Atlanta, said he would step down at the end of February, adding another empty chair at the top of the central bank.

Bostic’s announcement comes as the Fed’s board prepares to vote on the reappointment of its 12 bank heads starting March 1. Regional presidents like Bostic serve five-year terms, and he was eligible to stay on for an additional six years. (Bostic, the first Black and openly gay Fed Reserve president, is 59 and the mandatory retirement age is 65.)

A help wanted sign would definitely be put to good use: Federal Reserve Governor Adriana Kugler also resigned from her post in August. President Trump replaced her with one of his economic advisors, Stephen Miran, on an interim basis.

While Miran took a leave of absence from his White House role on the Council of Economic Advisors, the unconventional appointment raised questions about Miran’s ability to maintain the Fed’s independence.

Bostic’s, who was hired in 2017, departure comes amid a wider Trump administration pressure campaign against the Fed. President Trump has regularly attacked the central bank’s historic independence throughout his term thus far, demanding rate cuts and targeting certain Fed officials.

Trump will not play a role in selecting Bostic’s successor. Instead, the Atlanta Fed’s board of directors is forming a committee to conduct a nationwide search for his replacement. The Atlanta Fed’s first VP and COO, Cheryl Venable, will fill in for Bostic until the board selects a successor.

Bostic’s tenure had its rough spots. In 2022, he said he failed to adhere to Fed rules concerning trading prior to Federal Reserve meetings.

Bostic said he was not personally managing the accounts, adding he “was unaware of any specific trades or their timing.” The Atlanta Fed board “acknowledge[d] the violations and accept[ed] President Bostic’s explanation” at the time, while a later report from the central bank’s watchdog said Bostic “created an ‘appearance of acting on confidential FOMC information’ under the FOMC blackout rule.”

Upon news of Bostic’s departure, Federal Reserve Board Chair Jerome Powell said “it has been a privilege to serve alongside President Bostic.”

“His perspective has enriched the Federal Open Market Committee’s understanding of our dynamic economy,” Powell continued. “And his steady voice has exemplified the best of public service—grounded in analysis, informed by experience, and guided by purpose.”