ATLANTA–The head of the Federal Reserve Bank of Atlanta said he plans to step down, giving President Trump another opportunity to exert influence over the Fed.
Raphael W Bostic, president of the Atlanta Fed, said he will retire from the role in February, creating a vacancy on the Fed’s powerful policy committee.
As the CU Daily has reported, the president and members of his administration have strongly pressured the Fed to cut interest rates and have targeted some Fed officials in the process.
Adriana Kugler resigned in August from the Fed’s board of governors and was replaced on an interim basis by Stephen Miran, who has been a top advisor to Trump.
Trump, however, will not pick Bostic’s successor, as the Atlanta Fed said it will now conduct a nationwide search for its next president.
Bostic, 59, could have remained in post for another six years. He was the first African American and openly gay president of a regional Federal Reserve bank in the central bank’s history.
‘Incredibly Fortunate’
“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,” said Bostic in a statement. “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.”
