Atlanta Federal Reserve President Raphael Bostic announced Wednesday he will retire at the end of his current term in February, opening a seat on the Fed’s interest-rate setting committee as President Donald Trump seeks greater control over the central bank.
Bostic, 59, will step down in February 2026, after serving since June 2017. He is the first African American president of a regional Federal Reserve Bank.
“It’s been my distinct honor and privilege to lead the Atlanta Fed for these past eight and a half years,” 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 goal.”
The announcement comes as Trump has looked to gain more influence over the Fed’s board, which would potentially give the administration more sway over approval of regional Fed presidents. Three of the current seven members of the board were appointed by Trump.
Bostic’s tenure was marked by controversy over ethics violations. In October 2022, Bostic acknowledged that many of his financial trades and investments violated Fed ethics rules and revised all his financial statements dating back to 2017.
An internal report showed 154 trades were made on his behalf during blackout periods around Fed policy meetings, when officials are prohibited from trading. Bostic said the trades were made by investment managers he did not directly oversee and that he was unaware of the transactions.
“I recognize it is my responsibility to understand and abide by every obligation of this office,” Bostic said in 2022. “At no time did I knowingly authorize or complete a financial transaction based on nonpublic information or with any intent to conceal or sidestep my obligations of transparent and accountable reporting.”
A 2024 investigation by the Fed’s Office of Inspector General found that Bostic’s violations “created the appearance” he acted on confidential Fed information and had a conflict of interest, though investigators concluded there were no illegal violations of federal insider trading laws.
As president of one of the Fed’s 12 regional banks, Bostic serves on the 19-member Federal Open Market Committee that meets eight times a year to decide whether to change a key short-term interest rate. Only 12 of the 19 participants vote on rates at each meeting. The regional Fed presidents rotate as voters, and the Atlanta Fed’s president will next vote in 2027.
Bostic’s replacement will be selected by the Atlanta Fed’s board of directors, which are made up of local business and community leaders. The Fed’s Washington board of governors will vote on whether to approve the replacement.
Until the board names a successor, Cheryl Venable, the first vice president and chief operating officer at the Atlanta Fed, will handle the role of president.