Raphael Bostic

Raphael Bostic
Born	Raphael William Bostic 5 6, 1966
Birthplace	New York City, U.S.
Nationality	American
Occupation	Economist, academic, central banker
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 is the first African American to lead one of the twelve regional Federal Reserve Banks. As a participant on the Federal Open Market Committee (FOMC), Bostic has played a role in shaping United States monetary policy during a period marked by the COVID-19 pandemic, historic inflation surges, and subsequent efforts to restore price stability. Before entering central banking, Bostic built a career spanning academia and government service, including a faculty position at the University of Southern California's Sol Price School of Public Policy, where he chaired the Department of Governance, Management, and the Policy Process, and a stint at the United States Department of Housing and Urban Development (HUD). His tenure at the Atlanta Fed has been characterized by attention to economic equity, housing affordability, and the intersection of race and economics. As of early 2026, Bostic was preparing to retire from the Atlanta Fed presidency after more than eight years leading the institution.

Early Life

Raphael William Bostic was born on June 5, 1966, in New York City. He has roots in the United States Virgin Islands, a connection he has discussed publicly and one that has informed aspects of his personal identity and perspective on economic development in diverse communities. The Virgin Islands Daily News profiled Bostic's ties to the territory, noting that the Atlanta Fed president has spoken about "the pull of Crucian roots," referring to the island of St. Croix.

Bostic grew up with an awareness of both the opportunities and barriers that shape economic outcomes in the United States. In a 2020 essay published by the Federal Reserve Bank of Atlanta titled "A Moral and Economic Imperative to End Racism," Bostic drew on personal experience to articulate how systemic racism creates tangible economic harm. He wrote candidly about his own encounters with racism and the ways in which racial disparities affect economic participation, wealth accumulation, and community development. His CNBC appearance in July 2020 further explored these themes, as Bostic discussed how racism has measurable economic impacts, drawing on both his professional expertise and lived experience as the first Black president of a Federal Reserve Bank.

Education

Bostic attended Harvard University, where he earned his undergraduate degree (A.B.). He then pursued graduate studies at Stanford University, where he received his Ph.D. in economics. His doctoral training at Stanford provided the analytical foundation for his subsequent work in housing economics, urban policy, and public finance — subjects that would define much of his academic and professional career. Bostic's educational credentials at two of the nation's most selective universities positioned him for roles at the intersection of academic research, public policy, and government service.

Career

U.S. Department of Housing and Urban Development

Before entering academia full-time, Bostic served at the U.S. Department of Housing and Urban Development (HUD), gaining experience in federal housing policy and community development. His work at HUD provided firsthand exposure to the policy mechanisms governing affordable housing, fair lending, and urban development — themes that would recur throughout his later career in both academic research and central banking.

Academic Career at the University of Southern California

Bostic spent a significant portion of his career at the University of Southern California (USC), where he joined the faculty of the Sol Price School of Public Policy. At USC, he rose to become 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, homeownership, neighborhood change, economic development, and the effects of public policy on communities. He also examined issues related to fair lending and the distribution of economic opportunity across racial and socioeconomic lines.

The USC Price School highlighted Bostic's appointment to the Atlanta Fed in 2017, noting his contributions to the school's research mission and his service in governance and public policy education. His academic career equipped him with both a scholarly framework and practical experience that would prove relevant to the complex policy discussions at the Federal Reserve.

Appointment as President of the Federal Reserve Bank of Atlanta

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, succeeding Dennis P. Lockhart. His appointment, effective June 5, 2017, made him the first African American to serve as president of any of the twelve regional Federal Reserve Banks — a milestone noted by multiple news outlets at the time.

The New York Times reported that Bostic's selection brought a fresh perspective to the Federal Reserve System, noting his background in housing policy and community development at a time when questions about economic inequality were becoming more central to the national policy debate. The appointment was seen as part of a broader effort to diversify the leadership of the Federal Reserve, which had been criticized for a lack of representation among its senior ranks.

As Atlanta Fed president, Bostic became a participant on the Federal Open Market Committee (FOMC), the body responsible for setting the direction of U.S. monetary policy, including decisions about the federal funds rate. The Atlanta Fed's district, known as the Sixth Federal Reserve District, covers Alabama, Florida, Georgia, and portions of Louisiana, Mississippi, and Tennessee — a region with a diverse economic base encompassing agriculture, manufacturing, tourism, technology, and financial services.

Tenure at the Atlanta Fed

Bostic's tenure at the Atlanta Fed coincided with several major economic events. He led the institution through the economic disruptions caused by the COVID-19 pandemic beginning in 2020, during which the Federal Reserve undertook emergency measures to stabilize financial markets and support the economy. The pandemic also laid bare existing economic disparities, a subject Bostic addressed publicly and persistently.

In June 2020, in the wake of the murder of George Floyd and the nationwide protests that followed, Bostic published an essay on the Atlanta Fed's website titled "A Moral and Economic Imperative to End Racism." In the piece, he argued that racism was not only a moral failing but also an economic one, noting that discrimination and inequality reduced overall economic output by limiting the productive potential of millions of Americans. The essay attracted significant attention and was followed by a CNBC interview in which Bostic elaborated on these themes, stating that racism has tangible, measurable economic costs.

During the post-pandemic period, Bostic was an active voice on monetary policy as the Federal Reserve confronted a surge in inflation not seen in decades. As a member of the FOMC, he contributed to deliberations on the pace and magnitude of interest rate increases aimed at bringing inflation back toward the Fed's 2 percent target. In interviews and public speeches, Bostic consistently emphasized the importance of data-driven decision-making and the need to balance the Fed's dual mandate of price stability and maximum employment.

In a February 2026 interview with Bloomberg, Bostic stated that it was "prudent" for Fed policy to remain "mildly restrictive" in order to bring inflation fully under control, signaling caution about premature easing of monetary policy. Around the same time, Reuters reported that Bostic characterized full-year GDP growth of 2.2 percent as "a pretty strong number," high enough to raise concerns about persistent inflationary pressures.

Bostic also addressed emerging policy uncertainties. In February 2026, following a Supreme Court ruling on tariffs, Bostic told Barron's that "it's hard to know" what the ruling would mean for the Federal Reserve's policymaking, reflecting the complexity of the economic environment facing central bankers.

At a Birmingham Business Journal event in February 2026, Bostic discussed housing affordability and the economic implications of artificial intelligence, expressing cautious optimism about the economy despite the challenges facing prospective homebuyers and job seekers.

In an October 2025 interview with the Mercatus Center, Bostic discussed the responsibilities of leading a regional Federal Reserve Bank, the practical implications of the Fed's dual mandate, and the results of the 2025 framework review — the periodic reassessment of the Federal Reserve's approach to monetary policy.

Financial Transaction Disclosure Violations

In October 2022, The Wall Street Journal reported that Bostic had disclosed violations of the Federal Reserve's financial transaction policies. The violations related to trading activity that did not comply with the Fed's rules governing personal financial transactions by senior officials. The matter prompted an investigation by the Federal Reserve's Office of Inspector General. The OIG subsequently published its findings in a report, which reviewed the circumstances surrounding the trading activity. The incident drew scrutiny at a time when the Federal Reserve System as a whole was implementing stricter financial disclosure and trading rules for senior officials, following separate controversies involving other Fed leaders.

Retirement

In early 2026, Bostic announced his plans to step down as president and CEO of the Federal Reserve Bank of Atlanta, bringing his tenure of more than eight years to a close. In a retrospective podcast published by the Atlanta Fed on February 18, 2026, Bostic reflected on his time leading the institution, noting the extraordinary range of economic challenges he had navigated. The podcast was titled "A Lot Has Happened in Eight-Plus Years," and in it Bostic looked back on his accomplishments and the evolution of the Atlanta Fed during his presidency.

WABE, Atlanta's NPR affiliate, conducted a special interview with Bostic as he prepared to leave, in which he reflected on his leadership, the inflation challenges of his tenure, and the future of the Federal Reserve. The interview described his run as "historic," referencing his status as the first African American regional Fed president.

Speculation Regarding Cabinet Consideration

In November 2020, The New York Times included Bostic among individuals reportedly under consideration for positions in President-elect Joe Biden's cabinet, reflecting his prominence as a policy figure with experience in housing, economics, and public administration. Bloomberg reported in 2021 that Bostic acknowledged hearing speculation about his potential consideration for the position of Federal Reserve Chair, telling Axios, "I hear that all the time."

Personal Life

Bostic has spoken publicly about his identity as a gay man, making him one of the few openly LGBTQ leaders in the history of the Federal Reserve System. He has also discussed his Caribbean heritage and connections to St. Croix in the U.S. Virgin Islands, which have shaped his personal perspective on community, economic opportunity, and resilience.

In his 2020 essay on racism and economics, Bostic shared personal reflections about experiencing racial prejudice, using his platform as a Fed president to bring attention to the human dimensions of economic inequality. He has been noted for a communication style that blends technical economic analysis with accessible language and personal candor, a quality that has been highlighted in media profiles throughout his tenure.

Recognition

Bostic's appointment as the first African American president of a Federal Reserve Bank was recognized as a significant milestone in the history of the U.S. central banking system. His selection in 2017 received coverage from The New York Times, U.S. News & World Report, and other national outlets, which noted the historic nature of the appointment given the Federal Reserve's more than century-long history.

Bostic is a fellow of the National Academy of Public Administration (NAPA), an independent, nonpartisan organization chartered by Congress to assist government leaders in building effective organizations.

His public writings and speeches on the economic costs of racism, particularly the June 2020 essay "A Moral and Economic Imperative to End Racism," received significant attention and were cited in broader discussions about the role of central banks in addressing structural inequality. The CNBC profile in 2020 described him as a figure who had used his position to bring attention to how systemic racism diminishes economic potential at both the individual and national levels.

Bostic's consideration for cabinet-level positions and for the Federal Reserve Chair role further reflected his standing as a prominent figure in American economic policy.

Legacy

Bostic's tenure at the Federal Reserve Bank of Atlanta, spanning from 2017 to 2026, encompassed some of the most turbulent and consequential periods in recent American economic history. He led the institution through the economic fallout of the COVID-19 pandemic, the subsequent inflationary surge, and the Federal Reserve's aggressive monetary tightening cycle — all while navigating novel challenges including trade policy uncertainty and the emergence of artificial intelligence as a force in labor markets.

His role as the first African American to head a regional Federal Reserve Bank carries historical significance within the broader arc of diversity in American economic institutions. Throughout his tenure, Bostic used his platform to advocate for a more inclusive understanding of the Federal Reserve's mandate, arguing that issues of racial and economic equity were not peripheral to monetary policy but central to the health of the economy.

Bostic's approach to communication — marked by a willingness to discuss personal experiences and to connect technical policy discussions to everyday economic realities — represented a notable departure from the traditionally guarded public posture of many central bankers. His writings on racism and the economy, in particular, expanded the range of topics that Federal Reserve leaders were expected to address publicly.

As he prepared to leave the Atlanta Fed in early 2026, Bostic reflected on the breadth of challenges he had faced and the changes he had witnessed in the institution and in the broader economic landscape. In his farewell podcast, he acknowledged that "a lot has happened in eight-plus years," a characterization that encompassed not only the policy challenges of his tenure but also the personal and institutional milestones that defined his time as president.