Summary
Raphael Bostic, president of the Federal Reserve Bank of Atlanta, will retire in February, creating an open spot on the Federal Reserve's interest-rate setting committee. President Donald Trump is interested in increasing his influence over the Federal Reserve. Bostic's departure allows for the appointment of a new president by the Atlanta Fed’s board, independent of the Trump administration.
Key Facts
- Raphael Bostic is the president of the Federal Reserve Bank of Atlanta and plans to retire in February.
- Bostic serves on a committee that decides whether to change a key interest rate that affects borrowing costs in the economy.
- The committee has 19 members, but only 12 vote on interest rates during each meeting.
- The Atlanta Fed president’s voting turn is next in 2027.
- The Atlanta Fed’s board of directors will choose Bostic’s replacement.
- Bostic is the first Black and openly gay president in the history of the Federal Reserve Banks.
- He has expressed concerns that inflation is still high and has supported limited interest rate cuts.
- President Trump has been trying to increase his control over the Federal Reserve's board of governors.
