Bostic explains the problem with vacant Federal Reserve seats

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Having vacancies on the Federal Reserve Board makes it “more difficult,” Federal Reserve Bank of Atlanta President Raphael Bostic said Thursday.

“The level of work doesn’t change” when there are empty seats on the Board, said Bostic, who is a voter on the Federal Open Market Committee this year. The work gets spread out among fewer people and “it’s more difficult to get stuff done,” Bostic responded to an attendee at the Bank’s 2108 Banking Outlook Conference.

“It’s important that we get these vacancies filled,” he said. The shortage of Board members creates “a lot of uncertainty for us.”

In his prepared remarks, Bostic hailed the “nine-year expansion,” although he said it “lacked the robustness” of other rebounds.

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Monetary policy Raphael Bostic Federal Reserve Federal Reserve Bank of Atlanta FOMC