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NEWSLETTERS & ALERTS
Raphael Bostic Named President of Atlanta Fed
[Photo: Bostic, in the Community Development Interview Series, 2013 / You Tube]
The Federal Reserve Bank of Atlanta named Raphael Bostic as its new president, succeeding Dennis Lockhart, who retired last month. The former Obama administration housing official, who currently is a professor of public policy at the University of Southern California, will take over in June.
Mr. Bostic, 50, becomes the first African-American to head one of the Fed's 12 regional banks; he is the 4th to serve on the Federal Open Market Committee, which sets monetary policy like interest rate changes.
“He is a seasoned and versatile leader, bringing with him a wealth of experience in public policy and academia,” the Atlanta Fed’s board chairman, Thomas Fanning, said in a statement. “Raphael also has significant experience leading complex organizations and managing interdisciplinary teams. He is a perfect bridge between people and policy.”
Mr. Bostic’s views on monetary policy are unknown. He has little if any public record of discussing the subject.
Bostic, who received a doctorate in economics from Stanford, worked for the Federal Reserve board in Washington from 1995 to 2001 before leaving to become a professor at USC's School of Policy, Planning and Development. His research focused in the areas of home ownership, housing finance and neighborhood change.
Mr. Bostic came to Washington to join the Obama administration in 2009 – serving as assistant secretary for policy development and research at the Department of Housing and Urban Development (HUD). There he helped to orchestrate the administration’s response to the collapse of the housing bubble.
He returned to U.S.C. in 2012.