\n<\/p>\n
The head of the Federal Reserve Bank of Atlanta announced plans to step down amid an extraordinary campaign by Donald Trump to exert influence over the US central bank.<\/p>\n
Raphael W Bostic, president of the Atlanta Fed, will retire from the role in February \u2013 creating another vacancy on the Fed\u2019s powerful policy committee.<\/p>\n
As the Trump administration continues to demand interest rate cuts, and even target some Fed officials, Bostic is the latest senior figure to depart.<\/p>\n
After Adriana Kugler resigned in August from the Fed\u2019s board of governors, Trump replaced her on interim basis with Stephen Miran, one of his top advisers.<\/p>\n
The US president will not pick Bostic\u2019s successor, however. The Atlanta Fed will now conduct a nationwide search for its next president.<\/p>\n
Bostic, 59, could have remained in post for another six years. He was the first African American and openly gay president of a regional Federal Reserve bank in the central bank\u2019s history.<\/p>\n
The Fed\u2019s rate-setting open market committee (FOMC) has 12 members at any one time. These include the central bank\u2019s seven board governors, the president of the New York Fed, and four of the 11 other regional Fed presidents, who rotate through yearly terms.<\/p>\n
\u201cI feel incredibly fortunate to have worked with the Atlanta Fed\u2019s outstanding staff to fulfill the Federal Reserve\u2019s mission and serve the sixth district and the American people,\u201d said Bostic. \u201cI\u2019m 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.\u201d<\/p>\n
Jerome Powell, the Fed chair, paid tribute to Bostic. \u201cHis perspective has enriched the Federal open market committee\u2019s understanding of our dynamic economy,\u201d said Powell. \u201cAnd his steady voice has exemplified the best of public service \u2013 grounded in analysis, informed by experience and guided by purpose.<\/p>\n
\u201cHis leadership has strengthened our institution and advanced the Federal Reserve\u2019s mission.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The head of the Federal Reserve Bank of Atlanta announced plans to step down amid an extraordinary campaign by Donald Trump to exert influence over the US central bank. Raphael W Bostic, president of the Atlanta Fed, will retire from the role in February \u2013 creating another vacancy on the Fed\u2019s powerful policy committee. As<\/p>\n","protected":false},"author":1,"featured_media":33134,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[4155,1839,10727,3932,2431,4437,319,7209,517,2020,81],"class_list":{"0":"post-33133","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-atlanta","9":"tag-attacks","10":"tag-banks","11":"tag-central","12":"tag-chair","13":"tag-fed","14":"tag-federal","15":"tag-independence","16":"tag-reserve","17":"tag-steps","18":"tag-trump"},"_links":{"self":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/33133","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=33133"}],"version-history":[{"count":0,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/33133\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/media\/33134"}],"wp:attachment":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33133"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=33133"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=33133"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}