Gay African-Amer­i­can man picked to lead At­lanta Fed

Dou­ble firsts at the At­lanta Fed as Rep. John Lewis re­acts

GA Voice - - Georgianews -



The Fed­eral Re­serve Bank of At­lanta tapped Raphael Bos­tic to be­come its new pres­i­dent and CEO on March 13, mak­ing him the first African-Amer­i­can and first openly gay per­son to head any of the Fed’s 12 re­gional banks. Bos­tic, a Univer­sity of South­ern Cal­i­for­nia pro­fes­sor of gov­er­nance, suc­ceeds Den­nis Lock­hart, who re­tired Feb. 28.

“We are very pleased that Raphael will join the At­lanta Fed as its pres­i­dent and chief ex­ec­u­tive of­fi­cer,” said Thomas A. Fan­ning, chair­man of the board of the At­lanta Fed and chair­man, pres­i­dent and chief ex­ec­u­tive of­fi­cer of South­ern Com­pany. “He is a sea­soned and ver­sa­tile leader, bring­ing with him a wealth of ex­pe­ri­ence in pub­lic pol­icy and academia. Raphael also has sig­nif­i­cant ex­pe­ri­ence lead­ing com­plex or­ga­ni­za­tions and manag­ing in­ter­dis­ci­pli­nary teams. He is a per­fect bridge be­tween peo­ple and pol­icy.”

Ge­or­gia Con­gress­man John Lewis ap­plauded the news, say­ing in a state­ment, “I con­grat­u­late Mr. Bos­tic on his his­toric ap­point­ment. At­lanta is the cra­dle of the Civil Rights move­ment, so it is only fit­ting that our city be home to the first African-Amer­i­can head of a Fed­eral Re­serve Bank. While such an ap­point­ment is long over­due, I am proud that At­lanta is lead­ing the way. At­lanta has shown that our na­tion suc­ceeds when all voices and per­spec­tives are heard and can come to­gether to chart a way for­ward. Metro At­lanta and the South were hit hard by the Great Re­ces­sion, and it is my hope that the Fed­eral Re­serve works to make sure the doors of op­por­tu­nity are open to ev­ery­one.”

Rep. Lewis joined U.S. Reps. David Scott (D-GA), Max­ine Waters (D-CA) and John Cony­ers (D-MI) in a let­ter sent to the At­lanta Fed last Septem­ber call­ing on them to con­duct an in­clu­sive search and con­sider can­di­dates of di­verse back­grounds. Lewis also joined a let­ter, led by Cony­ers and Sen. El­iz­a­beth War­ren (D-MA) last spring call­ing for greater di­ver­sity at the Fed­eral Re­serve.

Bos­tic served as the as­sis­tant sec­re­tary for pol­icy de­vel­op­ment and re­search at the U.S. Depart­ment of Hous­ing and Ur­ban De­vel­op­ment dur­ing the Obama ad­min­is­tra­tion. His term at the At­lanta Fed, which is re­spon­si­ble for the Sixth Fed­eral Re­serve Dis­trict which cov­ers Ge­or­gia, Alabama, Florida and parts of Louisiana, Mis­sis­sippi and Ten­nessee, will be­gin in June.

Raphael Bos­tic (Photo cour­tesy Fed­eral Re­serve Bank of At­lanta)

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