Atlanta Federal Reserve President Raphael Bostic announced on Wednesday that he will be leaving his position when his term expires in February. Bostic has served as Atlanta Fed President since June 2017, making history as the first Black and openly gay regional president. His current term runs until February 28, 2025.
“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,” Bostic said in a statement.
This announcement comes ahead of a pivotal year for the Federal Reserve and its rate-setting body, the Federal Open Market Committee (FOMC). Regional Fed presidents serve five-year terms that generally align to expire in years ending in either 1 or 6, which will be the case next year.
While local boards vote on the appointment or reappointment of the presidents, these selections require approval by the Fed’s Board of Governors. Although typically a routine process, unusual political dynamics on the board could introduce new complexities this time around.
In addition to the reappointments of regional presidents, Federal Reserve Chair Jerome Powell’s term as chair is set to expire in May 2024, although his term as governor extends until 2028.
During his tenure, Bostic has been viewed as more of a centrist. This year, he has taken a cautious stance on cutting interest rates amidst continued elevated inflation and a softening labor market. Notably, Bostic is not a voting member of the FOMC in 2024, and the Atlanta Fed will next have a vote in 2027.
Powell praised Bostic’s contributions, stating, “His perspective has enriched the Federal Open Market Committee’s understanding of our dynamic economy. And his steady voice has exemplified the best of public service grounded in analysis, informed by experience, and guided by purpose.”
Until a successor is named, Cheryl Venable, the first vice president and chief operating officer at the Atlanta Fed, will serve as acting president.
https://bitcoinethereumnews.com/finance/atlanta-fed-president-bostic-says-hell-leave-position-when-his-term-expires-in-february/