US President Donald Trump is continuing his campaign to exert influence over the US central bank, with the latest casualty being Raphael W Bostic, president of the Atlanta Fed. Bostic announced his plans to step down in February, creating another vacancy on the powerful policy committee that sets interest rates.
The move comes as the Trump administration continues to push for rate cuts and has even targeted some Fed officials. This is not the first time senior figures have departed from the Fed; Adriana Kugler resigned in August and was replaced by Stephen Miran, one of Trump's top advisers.
However, unlike other regional Fed presidents, Bostic will not be replaced by Trump himself. The Atlanta Fed will conduct a nationwide search for its next president, ensuring the independence of the institution.
Bostic leaves behind a legacy as the first African American and openly gay president of a regional Federal Reserve bank in the central bank's history. He spent six years in the role and has expressed pride in advancing the mission to create an economy that works for everyone.
Jerome Powell, Fed chair, praised Bostic's leadership, saying his steady voice has exemplified the best of public service. "His perspective has enriched our understanding of the dynamic economy," said Powell. The Fed is expected to continue its efforts to keep inflation in check while navigating a rapidly changing economic landscape.
The move comes as the Trump administration continues to push for rate cuts and has even targeted some Fed officials. This is not the first time senior figures have departed from the Fed; Adriana Kugler resigned in August and was replaced by Stephen Miran, one of Trump's top advisers.
However, unlike other regional Fed presidents, Bostic will not be replaced by Trump himself. The Atlanta Fed will conduct a nationwide search for its next president, ensuring the independence of the institution.
Bostic leaves behind a legacy as the first African American and openly gay president of a regional Federal Reserve bank in the central bank's history. He spent six years in the role and has expressed pride in advancing the mission to create an economy that works for everyone.
Jerome Powell, Fed chair, praised Bostic's leadership, saying his steady voice has exemplified the best of public service. "His perspective has enriched our understanding of the dynamic economy," said Powell. The Fed is expected to continue its efforts to keep inflation in check while navigating a rapidly changing economic landscape.
just saw that raphael bostic is stepping down from the atlanta fed and i'm so glad they're doing a nationwide search for his replacement 
it's about time we have more diversity on the Fed, you know? Bostic was a total trailblazer as the first African American & openly gay president of a regional Fed bank - he paved the way for others to follow in his footsteps 
it's so not cool when politicians try to bully or manipulate the people who are supposed to be making decisions about our economy 
let's keep pushing for more representation & diversity at the top 
. hope whoever takes his place will keep on doing what they're doing 
Trump's gotta have an angle with this one. First, he gets rid of the head of the Atlanta Fed, and now they're gonna do a nationwide search to replace him? That's just too convenient for me. I think there's more to this than meets the eye... maybe someone who doesn't toe the party line is finally stepping down? 
! I'm all about keeping those Fed officials independent, you feel? It's not cool when politicians start meddling with the central bank's decisions. I mean, come on, can't they just let the experts do their thing? Bostic was doing some amazing work for the Atlanta Fed and now he's just leaving because of Trump's drama 
. It's a shame, really - we need more people like him who are all about making an economy that works for everyone, not just the wealthy few 
. Anyway, it's good to hear that the Atlanta Fed is gonna do its own search for Bostic's replacement... fingers crossed they find someone even better! 
they're giving me major food envy i mean, who needs fancy economics when you can just put fresh guac on toast and call it a day lol anyway back to the fed thing i'm kinda surprised trump is trying to exert influence over rate cuts - doesn't he have enough to worry about already? 
anyways i think Bostic was doing some good work promoting diversity and inclusivity at the Fed, especially as an openly gay African American leader. hope the next guy gets picked through a national search so its not just another puppet for Trump 
can only imagine how Jerome Powell must be feeling right now 
. Bostic's departure is a huge loss, especially since he was making waves as an openly gay African American leader at the Fed 
. The fact that they're doing a nationwide search is a good start, but it's not like it's foolproof... what if some shady character shows up and screws everything over? 
. I just hope Jerome Powell can hold the fort together until a new, more independent leader comes in 
. What worries me more is how this might impact the Fed's ability to tackle inflation and navigate the changing economic landscape 
. I also have to give credit to Bostic for paving the way as the first African American and openly gay president of a regional Fed bank - that's some serious trailblazing 
!
