Atlanta Fed Seeks Nationwide Candidates to Replace Former President Bostic

The Atlanta Federal Reserve is conducting a national search for a new president to replace Raphael Bostic, according to board Chair Gregory Haile. The search committee wants candidates willing to engage with communities across the southeastern district, even if they don't currently live in the region.

WASHINGTON – The Atlanta Federal Reserve will cast a wide net in its search for a new president, according to board Chair Gregory Haile, who confirmed the selection process will consider candidates from across the country rather than focusing solely on the southeastern region.

Haile emphasized the importance of finding qualified applicants during a recent interview, stating the search committee’s priority is expanding their candidate pool. “We want the pool to be wide. We want to make sure that we embrace candidates who fit the mold to support the 6th District,” Haile explained as the selection process moves forward, with application reviews continuing and candidate interviews scheduled to start within approximately one month.

The Federal Reserve’s 6th District encompasses a diverse economic landscape, stretching from affluent Florida coastal communities to Atlanta’s corporate headquarters and Alabama’s agricultural areas.

According to Haile, previous connections to the district aren’t mandatory for potential candidates. “What we did want to make sure we created room for was ‘what’s it look like to have someone who we can be assured will engage in understanding the district?’ … that means not hesitating to go whether it’s Miami, whether it’s Red Bay, Alabama, whether it’s somewhere in Tennessee, to have a willingness to engage face to face,” he said.

Former President Raphael Bostic, originally from New Jersey and working as an academic in California before joining the Atlanta Fed, made extensive regional visits during his leadership and frequently addressed rural development and community concerns.

Treasury Secretary Scott Bessent announced in early December his intention to support requiring future regional bank presidents to have resided in their respective districts for three years, warning “we’re going to veto them” if they haven’t met this criterion. The December 15 announcement regarding Bostic’s successor search mentioned hopes to “identify a large pool of candidates who have meaningful ties to the Sixth Federal Reserve District.”

However, Haile indicated no such restrictions have been imposed on their current search efforts. While regional bank boards select presidents, the Washington-based Federal Reserve Board of Governors must approve these appointments.

“We haven’t had any engagement along those lines,” Haile noted. “That has actually not needed to be a consideration for us … the search has been going incredibly well. I haven’t felt the sense of any negative intrusion at all.”

This selection process occurs during a particularly complex period for the Federal Reserve system.

Bostic made history as both the first Black president and first openly gay leader among the Fed’s 12 regional banks, frequently advocating for addressing economic inequality while recognizing monetary policy’s limitations in directly tackling such issues.

The new appointment will take place amid criticism of diversity initiatives under the Trump administration and concerns about Federal Reserve independence, with Kevin Warsh expected to be confirmed as the new Fed chair this spring and President Trump pursuing greater influence over the central bank through additional appointments.

“I don’t think there’s a scenario where we don’t view this as one of the most important jobs in America,” Haile emphasized. “So there is a focus on getting the best candidate to service this district … and that is unwavering.”