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Atlanta Federal Reserve President Raphael Bostic on Wednesday announced his decision to step down at the end of his current term, which concludes in February 2026.
“President Bostic has served with distinction since June 5, 2017, as the 15th president and chief executive officer of the Atlanta Fed,” the Federal Reserve Bank of Atlanta stated in a press release.
“He is the first African American and openly gay president of a regional Federal Reserve Bank in its 111-year history,” the release added.
“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.
“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,” he added.
Raphael Bostic, president of the Federal Reserve Bank of Atlanta, will retire in February, opening up a new seat on the Fed’s interest-rate setting committee at a time that President Donald Trump is seeking to exert more control over the central bank. https://t.co/Lr33bFGV4b
— The Associated Press (@AP) November 12, 2025
“Atlanta Fed’s Bostic is best known for what may have been one of the biggest trading scandals in recent Fed history,” Zero Hedge noted.
“Trades on Bostic’s behalf took place during prohibited ‘blackout’ periods around Federal Open Market Committee meetings 154 times between March 2018 and March 2023, investigators found,” the outlet continued.
“He also filed inaccurate disclosure forms, held more Treasury securities than allowed and twice executed trades that were different than those that he sought central bank clearance for. In the end, however, the OIG absolved him,” it added.
Atlanta Fed’s Bostic is best known for what may have been one of the biggest trading scandals in recent Fed history:
Trades on Bostic’s behalf took place during prohibited “blackout” periods around Federal Open Market Committee meetings 154 times between March 2018 and March…
— zerohedge (@zerohedge) November 12, 2025
More from The Guardian:
As the Trump administration continues to demand interest rate cuts, and even target some Fed officials, Bostic is the latest senior figure to depart.
After Adriana Kugler resigned in August from the Fed’s board of governors, Trump replaced her on interim basis with Stephen Miran, one of his top advisers.
The US president will not pick Bostic’s successor, however. The Atlanta Fed will now conduct a nationwide search for its next president.
Bloomberg TV shared a breaking news alert:
Federal Reserve Bank of Atlanta President Raphael Bostic announced he plans to retire at the end of his current term in February. @mckonomy reports on “Bloomberg Open Interest” https://t.co/fNVILzyrIc pic.twitter.com/qMwL2qAf11
— Bloomberg TV (@BloombergTV) November 12, 2025
CNBC noted:
Regional presidents serve five-year terms that generally run in sync and are designed to expire on years that end in either 1 or 6, which will be the case next year. While the local boards vote on the presidents, they are subject to approval by the Fed’s Board of Governors. Normally a routine process, unusual political dynamics on the board could add a new wrinkle to the procedure.
In addition to the reappointments of the regional presidents, Jerome Powell’s term as Fed chair expires in May, though his run as governor goes until 2028.
Bostic has been seen as more of a centrist during his run, though he’s been more cautious about cutting interest rates this year during a time of elevated inflation and a softening labor market. He is not an FOMC voter this year. Atlanta next will get a vote in 2027.