Bostic Will Retire in 2026. What It Means for the Trump Fed.

Raphael Bostic, president and CEO of the Federal Reserve Bank of Atlanta, in October. (Desiree Rios/Bloomberg)

Key Points

• Raphael Bostic, President and CEO of the Atlanta Federal Reserve, will retire at the end of his term in February 2026.
• Bostic, the first African-American and openly gay president of a regional Federal Reserve Bank, has served since June 2017.
• The Atlanta Fed’s board will conduct a nationwide search for a new president; Cheryl Venable will serve as interim president if a successor is not appointed by Bostic’s retirement.

Atlanta Federal Reserve President and CEO Raphael Bostic announced on Wednesday morning that he would retire from his position at the end of his term in February 2026.

The Atlanta Fed president will serve as an alternate voting member at the Federal Open Market Committee in 2026 and be a voting member in 2027.

“It’s been my distinct honor and privilege to lead the Atlanta Fed for these past eight and a half years,” Bostic, 59, said in a statement. “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, the first African-American and openly gay president of a regional Federal Reserve Bank, has served since June 2017.

All 12 regional presidents’ terms are up for renewal next year. Federal Reserve Board Governors have the authority to approve or veto those appointments and reappointments.

That presents an opportunity for President Donald Trump, who has sought in recent months to gain more control over the central bank. Three of the seven Fed governors were appointed by the president, and a pending Supreme Court case around the removal of Fed governor Lisa Cook could give Trump a fourth seat.

Also, Federal Reserve Board Chair Jerome Powell’s term expires in May 2026, and the president nominates someone to fill that role. The Trump administration has said it will announce Powell’s replacement before the end of the year.

Still, the process for choosing regional presidents limits Washington’s role. Each of the 12 Federal Reserve Banks has a board of directors, divided into three classes. The Class B and C directors, who represent business and community interests, run the search processes, interview candidates, and select finalists. The board of governors must approve the choice, but cannot propose its own candidate.

If Bostic’s successor isn’t appointed by his retirement, Cheryl Venable, Atlanta Fed vice president and chief operating officer, will assume his duties on an interim basis until someone is appointed.

“It has been a privilege to serve alongside President Bostic,” Powell said in a statement. “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.”

Write to Nicole Goodkind at nicole.goodkind@barrons.com