The independence of the Federal Reserve is again in question as another senior official, Atlanta Fed President Raphael W. Bostic, announces his retirement. Bostic will step down in February amid a sustained campaign by President Trump to influence the central bank.
Trump has demanded rate cuts and appointed adviser Stephen Miran as an interim governor after Adriana Kugler resigned. Bostic’s departure is the latest in this series of leadership changes.
Bostic, 59, was a trailblazer as the first African American and openly gay regional Fed president. His retirement creates a vacancy on the 12-member Federal Open Market Committee (FOMC).
The search for Bostic’s successor will be managed by the Atlanta Fed, not the White House. A nationwide search will be conducted, a process that is insulated from political pressure.
Fed Chair Jerome Powell praised Bostic’s “steady voice” and “perspective.” Bostic said he was “incredibly fortunate” to have served and “proud” of his work to advance the “bold vision” of an inclusive economy.
