First African-American Named as Fed Bank Chief

Phil Hall

Mar 13, 2017

The Federal Reserve Bank of Atlanta has named Raphael W. Bostic as its 15th president and CEO, effective June 5. Bostic, age 50, succeeds Dennis Lockhart, who retired on Feb. 28 and will become the first African-American to head a Federal Reserve bank.

Bostic is the Judith and John Bedrosian Chair in Governance and the Public Enterprise at the Sol Price School of Public Policy at the University of Southern California (USC), a position he has held since 2012. From 2009 to 2012, Bostic served as assistant secretary for policy development and research at the U.S. Department of Housing and Urban Development (HUD). Earlier in his career, Bostic worked at the Federal Reserve Board of Governors as an economist and then a senior economist in the monetary and financial studies section.

“The Reserve Banks are vital contributors to our nation's economic and financial success,” said Bostic. “I'm excited about the opportunity to work with the Bank's well-respected staff in advancing the excellent reputation this organization has built over many years. In my role as president of the Atlanta Reserve Bank, I also look forward to confronting the challenges the Federal Reserve faces in today's increasingly global and rapidly changing economy.”

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Mar 13, 2017

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