The Federal Reserve Bank of Atlanta picked economist Raphael W. Bostic as its 15th president and chief executive officer, the Bank announced Monday.
Bostic, 50, will take over for Dennis Lockhart effective June 5. Lockhart retired on Feb. 28. Bostic will be the first African-American to lead a Federal Reserve Bank. The Fed has been under pressure to add diversity.
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.
"We are very pleased that Raphael will join the Atlanta Fed as its president and chief executive officer," said Thomas A. Fanning, chairman of the board of the Federal Reserve Bank of Atlanta. "He is a seasoned and versatile leader, bringing with him a wealth of experience in public policy and academia. Raphael also has significant experience leading complex organizations and managing interdisciplinary teams. He is a perfect bridge between people and policy."
Commenting on his selection, Bostic said, "The Reserve Banks are vital contributors to our nation's economic and financial success. 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."
