Atlanta Fed board chief: looking nationally for Bostic’s replacement

WASHINGTON, March 10 (Reuters) – Atlanta Federal Reserve board Chair Gregory Haile said the search to replace former Atlanta Fed President Raphael Bostic would be national in scope, not limited to the bank’s southeastern region, as long as candidates seem willing and capable of engaging with people and businesses across the area.

“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 said in an interview as the search process accelerates for Bostic’s replacement, with applications still being collected and interviews expected to begin within around 30 days.

The district ranges from the wealthiest enclaves of the Florida coast to the corporate suites of Atlanta and the farms of rural Alabama.

Having existing ties to the district “is not an obligation,” Haile said. “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.”

Bostic, a New Jersey native and college professor in California when he was tapped for the Atlanta job, traveled widely in the region during his tenure and often highlighted rural and community development issues. 

In early December, Treasury Secretary Scott Bessent said he would advocate that future reserve bank leaders have lived in their districts for three years, and that “we’re going to veto them” otherwise. When the search for Bostic’s replacement was announced on December 15, the notice said the hope was to “identify a large pool of candidates who have meaningful ties to the Sixth Federal Reserve District.”

Haile said there have not, however, been any limits suggested on the Atlanta Fed’s search. Though hired by the regional bank’s board of directors, presidents must be ratified by members of the Washington-based Fed Board of Governors.

“We haven’t had any engagement along those lines,” said Haile. “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.”

The hiring comes at a sensitive juncture for the Fed. 

Bostic broke ground on two fronts as the first Black and the first openly gay president of one of the Fed’s 12 regional reserve banks, and was vocal in discussing the need for the U.S. to take issues around economic equity seriously, even while acknowledging the limits of monetary policy to directly address them.

His replacement will be chosen both during a backlash against “diversity, equity and inclusion” under the Trump administration, and at a time of risk to the central bank’s independence with a new chair, Kevin Warsh, expected to be confirmed this spring and President Donald Trump seeking to deepen his influence over the central bank with other 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 said, “So there is a focus on getting the best candidate to service this district … and that is unwavering.”  

(Reporting by Howard Schneider; Editing by Chris Reese)