Raphael Bostic to Step Down as Atlanta Fed President Amid Trump’s Influence Push

Raphael Bostic, Atlanta Federal Reserve President and the first Black and openly gay leader of a regional Fed bank, will retire by February 2026. Bostic's exit comes during President Trump's efforts to reshape the Fed. Bostic emphasized economic equity during his tenure but faced criticism from conservatives.

Raphael Bostic, President of the Federal Reserve Bank of Atlanta, has announced his retirement effective by February 2026, marking an unexpected exit as political dynamics surrounding the Fed intensify amid efforts by President Donald Trump to influence the central bank's composition.

Bostic, distinguished for being the first Black and openly gay leader among the Federal Reserve's 12 regional banks, takes his leave during Trump's renewed attempt to reform the Board of Governors, campaigning for a replacement for Jerome Powell as several high-profile Fed positions come into play next spring.

Having championed economic equity throughout his tenure, Bostic garnered both accolades and criticisms, navigating the bank through economic upheavals and social justice debates while maintaining a hawkish stance against inflation. His departure instigates a search for a successor who can continue navigating the intricacies of U.S. monetary policy.

(With inputs from agencies.)