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.
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.
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.
“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.”
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.
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.
