JUST IN: Atlanta Federal Reserve President Who Violated Trading Rules to Step Down, Opening Vacancy

Raphael Bostic, president and CEO of the Federal Reserve Bank of Atlanta announced on Wednesday that he will retire at the end of his term in February, opening up a vacancy.

Bostic was the first black and openly gay president of a regional federal reserve bank. He has been in the chair since 2017.

Dr. Bostic served on the Federal Open Market Committee (FOMC) but he was not a voting member this year.

Bostic was previously under fire for violating trading rules.

“In October 2022, the Fed announced it was looking at trades Bostic made during blackout periods near policy meetings. An internal report showed there were 154 trades made on his behalf during those times. However, the report also indicated there was no evidence Bostic traded on insider information or had personal conflicts,” CNBC reported.

The Atlanta Fed’s board of directors will appoint Bostic’s replacement.

Full statement from the Federal Reserve Bank of Atlanta:

Dr. Raphael W. Bostic, president and chief executive officer of the Federal Reserve Bank of Atlanta, today announced his intention to retire at the end of his current term, which officially concludes on February 28, 2026.

President Bostic has served with distinction since June 5, 2017, as the 15th president and chief executive officer of the Atlanta Fed. He is the first African American and openly gay president of a regional Federal Reserve Bank in its 111-year history.

“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.”

In his role, President Bostic is responsible for overseeing all of the Bank’s activities, including monetary policy, bank supervision, and payment services. He serves on the Federal Open Market Committee, the monetary policymaking body of the Federal Reserve System.

“It has been a privilege to serve alongside President Bostic,” Federal Reserve Board Chair Jerome H. Powell said. “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. His leadership has strengthened our institution and advanced the Federal Reserve’s mission.”

The Federal Reserve Bank of Atlanta’s board of directors will form a search committee comprised of non-banking members of the Atlanta Fed’s board of directors to conduct a nationwide search for the next president of the Federal Reserve Bank of Atlanta, consistent with Federal Reserve policies and the Federal Reserve Act.

“The Atlanta Fed board of directors thanks President Bostic for his excellent leadership, intellectual integrity, and dedication to serving the American people. As the leader of the Atlanta Fed, he successfully represented the varied perspectives of the Sixth Federal Reserve District, representing the economic experiences of all Americans in the formation of monetary policy,” said Gregory Haile, chair of the Atlanta board of directors. “President Bostic leaves the Atlanta Fed united in a shared purpose and a vision for progress that extends across the Federal Reserve System.”

Additional details of the search will be forthcoming. The Bank’s first vice president and chief operating officer, Cheryl Venable, will assume the duties of president on an interim basis until a new president is appointed, if a successor is not appointed by February 28, 2026, in accordance with Section 4 of the Federal Reserve Act.

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