President of Atlanta Fed Raphael Bostic announces retirement

Raphael Bostic, president and CEO of the Federal Reserve Bank of Atlanta, announced Wednesday he intends to retire from his position when his term ends in February.

Bostic has served in the role since 2017, and is the first Black and openly gay chief executive of a regional Fed bank. The Atlanta Fed, located in Midtown, is one of 12 regional banks in the Federal Reserve System. Bostic is also a member of the Federal Open Market Committee, the powerful group of Fed governors that sets interest rates.

“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,” Bostic said in a statement announcing his decision.

His term is set to end on Feb. 28. The Atlanta Fed’s board of directors will conduct a search for a new director. If one is not in place by the end of February, then the banks’ first vice president and chief operating officer, Cheryl Venable, will become the interim president until a permanent replacement is found.

“It has been a privilege to serve alongside President Bostic,” Federal Reserve Board Chair Jerome H. Powell said in a statement.

“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 — grounded in analysis, informed by experience, and guided by purpose. His leadership has strengthened our institution and advanced the Federal Reserve’s mission.”