A new vacancy will appear on the Federal Open Market Committee (FOMC) in February, as Atlanta Fed President Raphael W. Bostic has announced his retirement. Bostic, 59, is stepping down six years before his term was set to expire.
This leadership change comes against a backdrop of sustained political pressure from the Trump administration. President Trump has been demanding interest rate cuts and recently appointed his adviser, Stephen Miran, as an interim governor, following the resignation of Adriana Kugler.
Bostic’s retirement creates an opening on the 12-member FOMC, which is responsible for setting U.S. monetary policy. The committee is a mix of Washington-based governors and regional presidents.
The White House will not be involved in filling this vacancy. The Atlanta Fed will conduct its own nationwide search for a new president, a process that is a key feature of the Fed’s independent structure.
Bostic, the first African American and openly gay regional Fed president, was praised by Chair Jerome Powell for his “perspective” and “public service.” Bostic stated he was “proud” of his work to advance an inclusive economy.
