Atlanta Fed President Raphael Bostic to Retire in February 2026, Creating Vacancy on Fed Policy Committee
Raphael W. Bostic, president of the Federal Reserve Bank of Atlanta, announced he will retire in February 2026, leaving a vacancy on the Federal Reserve's policy committee. The Atlanta Fed plans to conduct a nationwide search to find its next president, and the White House will not appoint Bostic's successor directly.
Bostic is notable as the first African American and openly gay president of a regional Federal Reserve bank. His departure comes amid pressures from the Trump administration, which has pushed for interest-rate cuts and publicly targeted Fed officials, raising concerns about the Federal Reserve's independence.
This exit follows related changes in the Fed, including the resignation of Adriana Kugler from the Fed's board of governors in August, with Stephen Miran appointed as her interim replacement by President Trump. The Federal Open Market Committee (FOMC) comprises 12 members: seven appointed governors, the New York Fed president, and four rotating regional presidents. Bostic's departure adds another vacancy to this committee.
Federal Reserve Chair Jerome Powell and other officials have praised Bostic's significant contributions. They noted that his perspective enriched the deliberations of the FOMC and that his leadership strengthened the Federal Reserve's mission.
