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The president and chief executive officer of the Federal Reserve Bank of Atlanta will retire at the end of his current term, he announced Wednesday.
ATLANTA - ederal Reserve Bank of Atlanta President Raphael Bostic announced Wednesday that he will retire early next year, marking the end of a tenure that shaped the region’s economic policy through inflation challenges and interest rate shifts.
What we know:
Dr. Raphael W. Bostic’s last day in office will be Feb. 28, according to the Federal Reserve. Bostic, the bank’s 15th president, has served since June 5, 2017, and was the first African American and openly gay president of a regional Federal Reserve Bank in its 111-year history.
Why you should care:
In his role, Bostic oversees all the bank’s activities, including monetary policy, bank supervision and payment services. He also serves on the Federal Open Market Committee, the monetary policymaking body of the Federal Reserve System.
What they're saying:
"It's been my distinct honor and privilege to lead the Atlanta Fed for these past eight and a half years. 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," Bostic said while reflecting on his term as president. "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."
Raphael Bostic, president and chief executive officer of the Federal Reserve Bank of Atlanta, speaks during the the Federal Reserve Bank of Atlanta & Dallas Technology Conference in Dallas, Texas, U.S., on Thursday, May 24, 2018. The title of the conference is 'Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy.' Technology-enabled disruption refers to workers increasing being replaced by technology. Photographer: Cooper Neill/Bloomberg via Getty Images Raphael Bostic, president and chief executive officer of the Federal Reserve Bank of Atlanta, during a research conference at the Federal Reserve Bank of Dallas in Dallas, Texas, US, on Friday, Oct. 31, 2025. Three Federal Reserve officials said they did not support the US central bank's decision to cut interest rates this week, citing inflation that remains too high. Photographer: Desiree Rios/Bloomberg via Getty Images Raphael Bostic, president and chief executive officer of the Federal Reserve Bank of Atlanta, during a research conference at the Federal Reserve Bank of Dallas in Dallas, Texas, US, on Friday, Oct. 31, 2025. Three Federal Reserve officials said they did not support the US central bank's decision to cut interest rates this week, citing inflation that remains too high. Photographer: Desiree Rios/Bloomberg via Getty Images Raphael Bostic, president and chief executive officer of the Federal Reserve Bank of Atlanta, meets with employees of Tiffin Motorhomes at the company's headquarters in Red Bay, Alabama, US, on Tuesday, Aug. 12, 2025. The Atlanta Fed chief said he still views one rate cut as likely this year - if the labor market holds up - but he is open minded about when to move. Photographer: Andi Rice/Bloomberg via Getty Images Raphael Bostic, president and chief executive officer of the Federal Reserve Bank of Atlanta, right, and Jeff Bailey, plant manager at Sunshine Homes, during a tour of the Sunshine Homes manufacturing facility in Red Bay, Alabama, US, on Thursday, Aug. 14, 2025. The Atlanta Fed chief said he still views one rate cut as likely this year - if the labor market holds up - but he is open minded about when to move. Photographer: Andi Rice/Bloomberg via Getty Images Raphael Bostic, president and chief executive officer of the Federal Reserve Bank of Atlanta, left, and Jeff Bailey, plant manager at Sunshine Homes, during a tour of the Sunshine Homes manufacturing facility in Red Bay, Alabama, US, on Thursday, Aug. 14, 2025. The Atlanta Fed chief said he still views one rate cut as likely this year - if the labor market holds up - but he is open minded about when to move. Photographer: Andi Rice/Bloomberg via Getty Images Raphael Bostic, president and chief executive officer of the Federal Reserve Bank of Atlanta, during a tour of the Sunshine Homes manufacturing facility in Red Bay, Alabama, US, on Thursday, Aug. 14, 2025. The Atlanta Fed chief said he still views one rate cut as likely this year - if the labor market holds up - but he is open minded about when to move. Photographer: Andi Rice/Bloomberg via Getty Images Raphael Bostic, president and chief executive officer of the Federal Reserve Bank of Atlanta, speaks during a panel discussion at the Association for Public Policy Analysis & Management (APPAM) Fall Research conference in Chicago, Illinois, U.S., on Thursday, Nov. 2, 2017. The conference focuses on the importance of data and measurement, and celebrates the government staff who work to improve the measures we use every day. Photographer: Christopher Dilts/Bloomberg via Getty Images What's next:
The Federal Reserve Bank of Atlanta’s board of directors will form a search committee of non-banking members to conduct a nationwide search for Bostic’s successor, consistent with Federal Reserve policies and the Federal Reserve Act.
If a new president and CEO is not appointed by Bostic’s last day, the bank’s first vice president and chief operating officer, Cheryl Venable, will serve as interim president until a replacement is named.
Dig deeper:
The Federal Reserve Bank of Atlanta serves the Sixth Federal Reserve District, which includes Alabama, Florida, Georgia, and parts of Louisiana, Mississippi, and Tennessee. The bank participates in setting national monetary policy, supervises commercial banks, and provides financial services to depository institutions and the U.S. government.
The Source: Information in this article came from a release sent to FOX 5 by the Federal Reserve Bank of Atlanta.