Raphael Bostic named president of Federal Reserve Bank - CBS46 News

Raphael Bostic named president of Federal Reserve Bank

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Source: Federal Reserve Bank of Atlanta website Source: Federal Reserve Bank of Atlanta website

The Federal Reserve Bank of Atlanta has named Raphael W. Bostic the 15th president and chief executive officer of the Federal Reserve Bank of Atlanta. 

Bostic, 50, will succeed Dennis Lockhart who retired from the Atlanta Fed on February 28, 2017.

"We are very pleased that Raphael will join the Atlanta Fed as its president and chief executive officer," said Fanning, who is also chairman, president and chief executive officer of Southern Company. "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."

As president of the Atlanta Fed, Bostic will lead one of the 12 regional Reserve Banks that, with the Board of Governors, make up the Federal Reserve System, the nation's central bank.

"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," said Bostic. "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."

Rep. John Lewis applauds Bostic's appointment and he released the following statement:

I congratulate Mr. Bostic on his historic appointment,” Rep. Lewis said.  “Atlanta is the cradle of the Civil Rights movement, so it is only fitting that our city be home to the first African-American head of a Federal Reserve Bank.  While such an appointment is long overdue, I am proud that Atlanta is leading the way.  Atlanta has shown that our nation succeeds when all voices and perspectives are heard and can come together to chart a way forward.  Metro Atlanta and the South were hit hard by the Great Recession, and it is my hope that the Federal Reserve works to make sure the doors of opportunity are open to everyone.

Bostic's appointment will be effective June 5, 2017.

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