Raphael Bostic, the trailblazing president of the Federal Reserve Bank of Atlanta, announced on November 12, 2025, that he will retire at the end of his current term in February 2026. Bostic’s decision, coming after eight and a half years at the helm, marks the end of a historic tenure and opens a critical seat on the Federal Reserve’s influential policy-setting committee. His departure arrives at a moment of heightened political maneuvering, as President Donald Trump intensifies efforts to shape the direction of the U.S. central bank.
As the first Black and openly gay president of a regional Federal Reserve bank in the institution’s 112-year history, Bostic’s leadership has been both groundbreaking and, at times, controversial. According to the Associated Press, Bostic, now 59, could have stayed in his post another six years before reaching the Fed’s mandatory retirement age. Instead, he has chosen to step down early, a move that has surprised many in the financial world.
Bostic’s announcement comes amid a broader campaign by President Trump to assert greater control over the Federal Reserve. While the president does not directly select the heads of the regional Fed banks, he does wield influence through appointments to the Fed’s Board of Governors, which must approve any new regional president. Trump’s push for more sway is evident in his efforts to reshape the board, including his attempts to fire Fed governor Lisa Cook and his upcoming opportunity to nominate a replacement for Fed Chair Jerome Powell, whose term expires in spring 2026, as reported by Reuters.
The process of appointing Bostic’s successor will be overseen by the Atlanta Fed’s local board of directors, made up of business and community leaders from the region. This board will conduct a nationwide search for the next president, but their selection must ultimately be approved by the central bank’s Board of Governors in Washington, D.C. This system was designed to ensure that voices from outside Washington and New York have a say in the nation’s monetary policy decisions.
Bostic’s tenure has been marked by a dual focus: a commitment to economic equity and a vigilant stance on inflation. During his time in office, he became known for his outspoken views on making the economy work for everyone, especially in the wake of the social justice protests that swept the nation in 2020. “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,” Bostic said in a statement released by the Atlanta Fed and cited by Reuters and The Guardian.
Yet, Bostic’s approach to monetary policy was often described as hawkish. He remained wary of cutting interest rates too quickly, even as inflation cooled. In September, Bostic wrote that the Fed’s short-term interest rate, then about 4.3%, was only “marginally restrictive”—barely holding back the economy. “I will not be complacent and simply assume ... another inflation outbreak won’t happen,” he cautioned, according to the Associated Press. Despite the Fed cutting rates twice in 2025, Bostic publicly supported only one cut, citing persistent inflation concerns.
His strong views sometimes put him at odds with conservatives, who criticized his attention to economic equity as evidence of a “woke” Fed straying from its Congressional mandates. Nevertheless, his focus on representing the economic experiences of all Americans was widely recognized. Gregory Haile, chair of the Atlanta Fed’s board of directors, praised Bostic, saying, “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.”
Bostic’s time at the Atlanta Fed was not without controversy. In 2022, he acknowledged that his financial investments and trades in previous years had violated Fed ethics rules and subsequently revised all his financial statements dating back to 2017. He explained that the trades were made by investment managers without his direct oversight and that he was unaware of the transactions. The Fed’s Inspector General later said that Bostic had created both the appearance of trading on confidential information and a conflict of interest by how he managed and reported his personal investments.
Despite these challenges, Bostic’s contributions to the Federal Reserve and to public service have been widely lauded. Fed Chair Jerome Powell, in a statement included in the Atlanta Fed’s announcement and reported by The Guardian, 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 timing of Bostic’s retirement comes as the Trump administration increases its pressure on the Federal Reserve. Trump has repeatedly criticized the Fed for not cutting interest rates as quickly as he would prefer. The Fed reduced its key rate by a quarter-point at both its September and October 2025 meetings, but further cuts remain uncertain. After the resignation of Adriana Kugler from the Fed’s Board of Governors in August, Trump appointed Stephen Miran, one of his top advisers, as an interim replacement. These moves underscore the administration’s determination to have a stronger hand in central bank policymaking.
All 12 regional Fed presidents are up for reappointment to new five-year terms in 2026, a process that is usually routine but could become contentious if the Trump administration seeks to exert more influence. While the president does not directly select the regional presidents, his appointments to the Board of Governors—three of the current seven members were appointed by Trump—give the administration indirect leverage over the approval process. The Supreme Court has, for now, blocked Trump’s attempt to remove Governor Lisa Cook, allowing her to remain on the board while the legal battle continues.
Bostic, who holds a PhD in economics from Harvard and previously served as an academic and policymaker at the Department of Housing and Urban Development, has not announced his future plans. He expressed gratitude for the opportunity to serve, saying, “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.”
As the Atlanta Fed prepares to launch a nationwide search for Bostic’s successor, the central bank faces a period of uncertainty and potential political turbulence. Whoever steps into the role will not only inherit a seat on the powerful Federal Open Market Committee but also the challenge of navigating the complex intersection of monetary policy, political pressure, and public trust.
With Bostic’s departure, the Federal Reserve loses a unique and steady voice. The next chapter for both the Atlanta Fed and the broader central bank will be shaped by the outcome of this pivotal appointment and the evolving relationship between the Fed and the White House.
