Bostic named president of Atlanta Fed

Raphael Bostic on Monday was named the next president of the Federal Reserve Bank of Atlanta, becoming the first African-American to head up one of the Fed’s dozen regional reserve banks.

The former Obama administration housing official and University of Southern California public policy professor will take the reins on June 5.

{mosads}The 50-year-old Bostic is replacing Dennis Lockhart, who joined the Fed in 2007 and stepped down on Feb. 28 after announcing his retirement in September.

In recent years there has been a more concerted effort to improve diversity on the Fed’s regional boards.

“He is a seasoned and versatile leader, bringing with him a wealth of experience in public policy and academia,” the Atlanta Fed’s board chairman, Thomas A. Fanning, said in a statement.

“Raphael also has significant experience leading complex organizations and managing interdisciplinary teams,” Fanning said. “He is a perfect bridge between people and policy.”

Marie Gooding, the bank’s first vice president, will fill the slot as interim president until Bostic takes over this summer. 

Democratic lawmakers praised the announcement.

“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,” said Rep. Maxine Waters (D-Calif.), the ranking member on the House Financial Services Committee.

Sen. Bob Menendez (N.J.), a member of the Senate Banking Committee, said that he is “overjoyed that after 104 years, we finally have the first African-American president of a Federal Reserve Regional Bank — and a son of New Jersey no less.”

“Dr. Bostic is exceptionally well-qualified, and his experience at the highest levels of housing and economic policy will be an invaluable asset to the Atlanta Federal Reserve Bank.”

Bostic came to Washington in 2009 to work in the Obama administration’s Department of Housing and Urban Development to craft policy following the financial crisis and housing crash.

He left the job and head back to USC in 2012.