As political storms rage over the Federal Reserve’s independence, Atlanta Fed President Raphael W. Bostic has announced his retirement. Bostic will step down in February, creating a new vacancy on the Fed’s policy committee amid an “extraordinary campaign” by President Trump to influence the central bank.
Trump has demanded interest rate cuts and recently installed his adviser, Stephen Miran, as an interim governor after Adriana Kugler resigned in August. Bostic’s departure is the latest change in the Fed’s senior ranks.
Bostic, 59, was the first African American and openly gay regional Fed president. His retirement, six years before his term’s end, opens a spot on the 12-member Federal Open Market Committee (FOMC).
However, the president will not select Bostic’s replacement. The Atlanta Fed will conduct its own nationwide search, a process that is a key structural safeguard for the central bank’s independence.
Bostic was lauded by Fed Chair Jerome Powell, who said his “perspective has enriched” the committee’s understanding of the economy. Bostic said he was “proud” of his work to advance a “bold vision” for an inclusive economy.
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