The recent appointment of Raphael Bostic as president of the Atlanta Federal Reserve Bank – the first ever African-American president of a Federal Reserve Bank – was applauded by several members of Congress.
“This marks an historic event for our Federal Reserve System. In over 100 years of its existence, never has there once been an African American as a regional president,” U.S. Rep. David Scott (D-GA) said. “That all ends today.”
Bostic was tapped to replace Dennis Lockhart as the Atlanta Fed president on March 13. Bostic begins his term June 5.
“I am pleased that Federal Reserve officials have taken this important step to fulfill Congress’s call to diversify their leadership, both in terms of race and occupational background,” Rep. John Conyers, Jr. (D-MI) said. “Not only is he the first African-American regional bank president, but he is also a champion for families struggling in today’s economy, and does not come from the corporate background that is already overrepresented at the Fed. I greatly look forward to working with President Bostic to ensure that progress towards the full employment vision laid out by Dr. King and Coretta Scott King is fulfilled for all of America’s people.”
In October 2016, Reps. Scott, Conyers, Maxine Waters (D-CA), and John Lewis (D-GA) sent a letter to the Fed specifically calling for the Atlanta Federal Reserve Bank position to be filled by a diverse candidate.
“His wealth of experience and research on wealth disparities and barriers to economic opportunity will play a critical role in shaping the economic policy decisions that affect all American families,” Waters said. “Given the disparate economic experiences faced by key demographic groups, it is crucial that a broader cross-section of groups have a seat at the decision-making table. I congratulate Mr. Bostic on his appointment and encourage the Federal Reserve Bank of Richmond, working with the Board of Governors, to build on today’s announcement by conducting the genuine and intentional efforts needed to build diversity at the Fed and ensure its senior leaders reflect the interests of America as a whole.”
Sen. Elizabeth Warren (D-MA) also praised the choice of Bostic.
“Raphael Bostic is an excellent choice to head the Atlanta Fed. He has extensive experience researching how economic policy affects working families,” Warren said. “I am glad to see Raphael’s appointment, and I encourage the Fed to further strengthen its leadership by bringing on additional people with diverse backgrounds to serve in key roles.”