Atlanta Federal Reserve President Raphael Bostic announced Nov. 12 he will retire when his term ends Feb. 28, 2026.

His decision comes amid several potential leadership shakeups at the nation’s central bank, as Lisa Cook faces a lawsuit challenging her eligibility to serve on the Federal Reserve Board of Governors and President Donald Trump is expected to appoint a new chair when Jerome Powell’s term ends next spring.

Bostic is the latest senior Fed official to announce his departure as the Trump administration continues pressuring the central bank to cut interest rates.

Concerns over the Fed's independence intensified earlier this year, when Gov. Adriana Kugler resigned and Trump replaced her on an interim basis with Stephen Miran, who took a leave of absence from the president's Council of Economic Advisers to fill the seat.

However, Trump will not have the opportunity to pick Bostic's successor. The Atlanta Fed said it will form a committee to search for its next president. If one is not appointed by Feb. 28, 2026, Cheryl Venable, the bank’s first vice president and chief operating officer, will serve as interim president until a permanent replacement is found.

All 12 regional Fed presidents will be up for reappointment when their five-year terms expire in February. Bostic’s planned departure is somewhat unexpected, as the 59-year-old is more than five years away from the Fed’s usual mandatory retirement age for regional bank presidents.

He has served as president of the Atlanta Fed since 2017, when he became the first Black and openly gay leader of a regional Federal Reserve Bank in the institution’s 111-year history.

In Atlanta, Bostic oversees all the bank’s activities, including monetary policy. He also serves on the Federal Open Market Committee, where his vote helps set the Fed’s influential benchmark interest rate.

"It's been my distinct honor and privilege to lead the Atlanta Fed for these past eight and a half years," Bostic said in a statement announcing his plans to retire. "I'm proud of what we accomplished during my tenure to turn the lofty goal of an economy that works for everyone into more of a reality, and I look forward to discovering new ways to advance that bold vision in my next chapter."

Powell said it was a privilege to serve alongside Bostic in comments included in the statement released by the Atlanta Fed.

"His perspective has enriched the Federal Open Market Committee’s understanding of our dynamic economy," Powell said. "And his steady voice has exemplified the best of public service —grounded in analysis, informed by experience, and guided by purpose. His leadership has strengthened our institution and advanced the Federal Reserve's mission."

Gregory Haile, the chair of the Atlanta Fed's board of directors, also praised Bostic, saying he represented "the economic experiences of all Americans in the formation of monetary policy."

Reach Rachel Barber at rbarber@usatoday.com and follow her on X @rachelbarber_

This article originally appeared on USA TODAY: Atlanta Federal Reserve President Bostic says he will retire in February

Reporting by Rachel Barber, USA TODAY / USA TODAY

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