Raphael Bostic

Raphael Bostic
Born	Raphael William Bostic 5 6, 1966
Birthplace	New York City, U.S.
Nationality	American
Occupation	Economist, academic, public servant
Title	President and CEO, Federal Reserve Bank of Atlanta
Known for	15th President and CEO of the Federal Reserve Bank of Atlanta
Education	Harvard University (A.B.) Stanford University (Ph.D.)
Website	[https://www.atlantafed.org/who-we-are/people/executive-leadership-committee/raphael-bostic Official site]

Raphael William Bostic (born June 5, 1966) is an American economist, academic, and public servant who has served as the 15th president and chief executive officer of the Federal Reserve Bank of Atlanta since June 5, 2017. He succeeded Dennis P. Lockhart in the role and became the first African American to lead one of the twelve regional Federal Reserve Banks. As president of the Atlanta Fed, Bostic participates on the Federal Open Market Committee (FOMC), the body responsible for setting U.S. monetary policy. Prior to his appointment, Bostic built a distinguished career in academia at the University of Southern California's Sol Price School of Public Policy, where he served as the Judith and John Bedrosian Chair in Governance and the Public Enterprise and chaired the Department of Governance, Management, and the Policy Process. He also served in the U.S. Department of Housing and Urban Development during the administration of President Barack Obama. Throughout his career, Bostic's research and policy work have focused on housing, community development, and the intersection of economics and social equity. As of early 2026, Bostic was preparing to retire from his position at the Atlanta Fed after more than eight years of leadership.

Early Life

Raphael William Bostic was born on June 5, 1966, in New York City. He has roots in the U.S. Virgin Islands, specifically the island of St. Croix, a connection he has spoken about publicly as an important part of his personal identity and heritage. Growing up in New York, Bostic pursued academic interests that would eventually lead him to the fields of economics, public policy, and governance.

Bostic's upbringing and family connections to the Caribbean influenced his worldview and his later interest in issues of economic opportunity and equity. In interviews, he has discussed how his background shaped his understanding of the disparities that exist in the American economy and his commitment to addressing those disparities through research and policy.

Education

Bostic received his undergraduate education at Harvard University, where he earned a Bachelor of Arts degree. He subsequently pursued graduate studies at Stanford University, where he earned a Ph.D. in economics. His doctoral research focused on economics and public policy, areas that would define his subsequent academic and professional career.

Career

U.S. Department of Housing and Urban Development

Before entering academia full-time, Bostic held positions in the federal government. He worked at the U.S. Department of Housing and Urban Development (HUD), where he served during the Obama administration. His work at HUD centered on housing policy and urban development issues, providing him with direct experience in the federal policymaking apparatus.

Academic Career at USC

Bostic spent a significant portion of his career at the University of Southern California's Sol Price School of Public Policy. At USC, he held the Judith and John Bedrosian Chair in Governance and the Public Enterprise and served as chair of the Department of Governance, Management, and the Policy Process. His academic research focused on housing markets, neighborhood change, community development, and the economics of inequality. He published extensively in these fields and was recognized as an authority on housing policy and urban economics.

During his time at USC, Bostic mentored graduate students and contributed to the school's national reputation in public policy research. The university's Price School publicly acknowledged his achievements when he was named to lead the Atlanta Fed, noting his contributions to both scholarship and public service.

Federal Reserve Bank of Atlanta

Appointment

On March 13, 2017, the Federal Reserve Bank of Atlanta announced that Bostic had been selected as the bank's 15th president and chief executive officer, effective June 5, 2017—his 51st birthday. He succeeded Dennis P. Lockhart, who had served as president since 2007. The appointment made Bostic the first African American to serve as president of any of the twelve regional Federal Reserve Banks in the institution's more than century-long history, a fact that drew significant media attention.

The appointment was covered by major news outlets including The New York Times, which noted that Bostic's selection came at a time when the Federal Reserve was facing growing public calls for greater diversity in its leadership. The selection process was conducted by the Atlanta Fed's board of directors, as is standard for regional Federal Reserve Bank presidencies.

Role and Responsibilities

As president of the Atlanta Fed, Bostic oversees the Sixth Federal Reserve District, which encompasses the states of Alabama, Florida, and Georgia, as well as portions of Louisiana, Mississippi, and Tennessee. The Atlanta Fed also has branch offices in Birmingham, Jacksonville, Miami, Nashville, and New Orleans.

In his capacity as president, Bostic participates on the Federal Open Market Committee (FOMC), the Federal Reserve's principal monetary policymaking body. The FOMC sets the federal funds rate and makes decisions about open market operations that influence the supply of money and credit in the U.S. economy. As a regional bank president, Bostic brings perspectives from the Sixth District's diverse economy—which includes significant agricultural, manufacturing, financial services, and tourism sectors—to the committee's deliberations.

Monetary Policy Positions

Throughout his tenure, Bostic has articulated positions on monetary policy that reflect attention to both sides of the Federal Reserve's dual mandate: maximum employment and price stability. In a 2025 interview with the Mercatus Center, Bostic discussed the responsibilities of the dual mandate and the results of the Federal Reserve's 2025 framework review, offering insights into how he approaches the balance between supporting employment growth and controlling inflation.

In February 2026, Bostic publicly stated that "pretty strong" GDP growth of 2.2 percent was "high enough to raise concerns about persistent inflation," suggesting that the Federal Reserve might need to maintain a cautious approach to interest rate policy. Around the same time, he stated in a Bloomberg interview that it was "prudent" for Federal Reserve policy to remain "mildly restrictive" in order to return inflation to the central bank's target.

Bostic also addressed the economic uncertainty created by trade policy. In February 2026, following a Supreme Court ruling on tariffs, Bostic stated that "it's hard to know" what the ruling would mean for the central bank, reflecting the challenges the Federal Reserve faces in setting policy amid shifting trade dynamics.

At a Birmingham Business Journal event in February 2026, Bostic addressed concerns about housing affordability and the economic implications of artificial intelligence, expressing cautious optimism about the broader economic outlook despite the challenges facing workers and homebuyers.

Racial Equity and Economic Inclusion

Bostic has been outspoken about the economic impacts of racial inequality, a stance that set him apart from many of his predecessors and peers in the Federal Reserve System. In June 2020, amid nationwide protests following the killing of George Floyd, Bostic published an essay on the Atlanta Fed's website titled "A Moral and Economic Imperative to End Racism," in which he argued that racism imposes significant costs on the American economy and that addressing racial disparities is not only a moral obligation but an economic necessity.

In a subsequent interview with CNBC in July 2020, Bostic elaborated on these themes, stating that racism has tangible economic impacts and that the Federal Reserve has a role to play in promoting an inclusive economy. The interview noted his historic status as the first Black regional Fed president and explored how that experience informed his perspective on economic policy.

Financial Disclosure Controversy

In October 2022, Bostic disclosed that he had violated the Federal Reserve's financial transaction policies. According to reporting by The Wall Street Journal, the violations involved personal financial trades that were not properly reported or that conflicted with the institution's trading rules. The Federal Reserve's Office of Inspector General subsequently conducted an investigation into the matter. The investigation's findings were documented in a report released by the OIG. The controversy drew public scrutiny at a time when the Federal Reserve was already under pressure following similar trading-related disclosures involving other senior Fed officials, including the resignations of Dallas Fed President Robert Kaplan and Boston Fed President Eric Rosengren in 2021.

Retirement

In early 2026, Bostic prepared to conclude his tenure as president and CEO of the Atlanta Fed after more than eight years in the role. In a February 2026 podcast published by the Atlanta Fed, Bostic reflected on his time leading the institution, noting that "a lot has happened in eight-plus years" and discussing the challenges and accomplishments that defined his presidency. In an interview with WABE, the Atlanta NPR affiliate, Bostic looked back on what was described as his "historic run" as president of the Atlanta Fed, discussing topics including inflation, leadership, and the future direction of the Federal Reserve.

His tenure encompassed several of the most consequential economic events in recent American history, including the economic disruptions caused by the COVID-19 pandemic, the surge in inflation that began in 2021, and the Federal Reserve's subsequent aggressive cycle of interest rate increases. Bostic navigated these challenges while also managing the Atlanta Fed's operations and contributing to the national policy debate through frequent public speeches and media appearances.

Consideration for Federal Appointments

Bostic's name was reportedly mentioned in connection with potential cabinet-level appointments during the presidential transition following the 2020 election. The New York Times included him among those being discussed for roles in the incoming Biden administration. Additionally, Bloomberg reported in 2021 that Bostic was mentioned in discussions about the position of Chair of the Federal Reserve, though the role ultimately went to Jerome Powell for a second term.

Personal Life

Bostic has spoken publicly about his Caribbean heritage and his family's connections to St. Croix in the U.S. Virgin Islands, describing those roots as a meaningful part of his identity. He is openly gay, a fact that, along with his status as the first African American regional Fed president, has been noted in media coverage as reflecting increasing diversity in the leadership of American economic institutions.

Bostic is a member of the National Academy of Public Administration, a congressionally chartered organization that provides nonpartisan expert advice on governance and public management issues.

Recognition

Bostic's appointment as the first African American president of a Federal Reserve Bank was itself a historic milestone that garnered significant recognition. The appointment was covered by major national news outlets including The New York Times and U.S. News & World Report at the time of its announcement in 2017.

Throughout his tenure at the Atlanta Fed, Bostic has been a frequent speaker at economic conferences, academic forums, and public events across the United States. His willingness to address topics including racial inequality, housing affordability, and the economic effects of systemic racism brought additional public attention to his role and to the broader work of the Federal Reserve System.

His 2020 essay on racism and the economy was particularly notable for its directness in addressing the economic costs of racial discrimination from the perspective of a sitting Federal Reserve official, and it received coverage from multiple news organizations.

In academia, Bostic was recognized for his research in housing markets and urban economics during his years at the USC Price School of Public Policy, where he held an endowed chair.

Legacy

As Bostic prepares to step down from the Atlanta Fed in 2026, his legacy is shaped by several distinct contributions. He was the first African American to serve as president of a regional Federal Reserve Bank, breaking a barrier in an institution that had been led exclusively by white officials since its creation in 1913. This milestone brought increased public attention to questions of diversity and representation in the Federal Reserve System and in economic policymaking more broadly.

Bostic's willingness to use his platform to discuss the economic dimensions of racial inequality represented a departure from the traditionally narrow focus of Federal Reserve communications. His 2020 essay on ending racism, published during a period of national social upheaval, was among the most direct statements on racial justice ever issued by a sitting Fed official.

His tenure also encompassed a period of extraordinary economic volatility, including the pandemic-era recession and recovery, the subsequent inflation surge, and the Federal Reserve's response through rapid interest rate increases. Bostic's contributions to FOMC deliberations during this period placed him at the center of consequential decisions about the trajectory of the American economy.

The financial disclosure controversy in 2022, while a blemish on his record, occurred during a broader reckoning within the Federal Reserve over trading practices by senior officials, leading to systemwide reforms in financial disclosure and trading rules.

In reflecting on his tenure in February 2026, Bostic stated that "a lot has happened in eight-plus years," a characterization that captures the breadth of challenges and changes that occurred during his time leading the Atlanta Fed.