Raphael Bostic
Raphael W. Bostic | |
|---|---|
| Born | June 5, 1966 New York City, New York, U.S. |
| Occupation(s) | Economist, government official |
| Years active | 1995–present |
| Known for | 15th president and CEO of the Federal Reserve Bank of Atlanta |
Raphael W. Bostic (born June 5, 1966) is an American economist and government official currently serving as the 15th president and chief executive officer of the Federal Reserve Bank of Atlanta since 2017. Before this role, he led the Department of Governance, Management, and the Policy Process at the USC Price School of Public Policy within the University of Southern California.
Early life
Born in New York City to Rafael Theodore Bostic from St. Croix and Viola Williams, Bostic was raised in Delran Township, New Jersey. He graduated as valedictorian from Delran High School. He received his Bachelor of Arts degree in economics and psychology from Harvard University in 1987 and earned a Ph.D. in economics from Stanford University in 1995.
Career
Bostic has served on the boards of Freddie Mac, the Lincoln Institute of Land Policy, and Abode Communities. He holds a fellowship with the National Academy of Public Administration, acts as vice president of the Association for Public Policy Analysis and Management, is a trustee at Enterprise Community Partners, and participates on the research advisory board for the Reinvestment Fund.
From 1995 until 2001, he was an economist at the Federal Reserve Board of Governors. Between 2009 and 2012, he served as assistant secretary for policy development and research at the United States Department of Housing and Urban Development. Subsequently, from 2012 to 2017, he chaired the Department of Governance, Management and the Policy Process at USC’s Sol Price School of Public Policy.
In 2020, Bostic authored an essay for the Federal Reserve Bank of Atlanta entitled "A Moral and Economic Imperative to End Racism," which emphasized how systemic racism restricts economic advancement.
On October 14, 2022, Bostic revealed that stock trades had been conducted over a five-year span by an external manager without his awareness. Following this disclosure, Federal Reserve Chairman Jerome Powell called for an independent investigation by the Office of Inspector General. On September 11, 2024, the Inspector General determined that Bostic breached FOMC blackout period regulations during these transactions.
Political future
Bostic has been under consideration for multiple federal appointments. In November 2020, he was listed as a potential nominee for Secretary of the Treasury under President Biden; this position was ultimately filled by Janet Yellen. In August 2021, he emerged as a candidate for the role of Comptroller of the Currency and has also been discussed as a possible successor to Jerome Powell as Chair of the Federal Reserve prior to Powell’s renomination.
Personal life
Bostic is recognized as both the first African-American and first openly gay individual to be appointed president of a regional Federal Reserve bank.