End of an Era: Raphael Bostic to Retire

Raphael Bostic, the first Black and openly gay president of a U.S. regional Fed bank, will retire in 2026. His tenure was marked by advocacy for economic equity and vocal criticism of racial injustice. Bostic faced controversy over potential conflicts of interest. A search for his successor is underway.

In a surprising announcement, Raphael Bostic, President of the Federal Reserve Bank of Atlanta, has stated that he will step down at the end of his current term in 2026. Bostic, known for being the first Black and openly gay individual leading a U.S. regional Federal Reserve bank, has been a strong advocate for economic equity during his tenure.

The announcement comes at a time when there is pressure from ex-President Donald Trump to gain more influence over the Federal Reserve. Though Trump does not have direct control over regional bank appointments, his administration's actions suggest an interest in reshaping the Fed's leadership structure.

Bostic's tenure was not without controversy, as he faced criticism from conservatives for his stance on social issues and from within the Fed for his handling of personal investments, which raised concerns about conflicts of interest. A committee will now initiate the search for his replacement.

(With inputs from agencies.)