USC professor Raphael Bostic made history on Monday when he was named president of the Federal Reserve Bank of Atlanta, becoming the first African American to lead one of the Fed’s 12 regional banks. The choice of Bostic, 50, director of the Bedrosian Center on Governance at USC’s Sol Price School of Public Policy, comes after members of Congress and advocacy groups have sharply criticized the central bank for a lack of diversity.
They had pushed for a diverse choice to head the Atlanta region, in part because it has a large African American population. Bostic acknowledged the significance of his appointment, which he said “is a very big deal” that made him the answer to a “Jeopardy” question.
“It’s not lost on me that I …am the first African American to lead a Federal Reserve institution,” he said in a short video released by the Atlanta Fed. “It’s kind of daunting. It’s an overwhelming thought. It’s a tremendous privilege.” “I look forward to this being a stepping stone for many others to have this opportunity as well,” Bostic said.
Rep. Maxine Waters (D-Los Angeles), who was among four prominent African American House members who urged a diverse choice for the Atlanta position, hailed Bostic as an “outstanding choice” and called his selection a “long-awaited first step towards building diversity among the Federal Reserve’s senior leadership.”
Bostic’s appointment was approved by the Atlanta Fed’s board of directors and the Board of Governors in Washington. He will take over on June 5, succeeding Dennis Lockhart, who announced his resignation in September and stepped down on Feb. 28.
The job involves overseeing about 1,700 employees in the Atlanta region — Alabama, Florida, Georgia and parts of Louisiana, Mississippi and Tennessee — and participating in monetary policy deliberations in Washington.