Raphael Bostic


Raphael W. Bostic (born 1966) is an American economist, academic, and public servant who is the 15th President and CEO of the Federal Reserve Bank of Atlanta.[1][2] During his academic career, Bostic served as chair of the Department of Governance, Management, and the Policy Process at the Price School of Public Policy at the University of Southern California.[3]

Raphael Bostic
15th President of the Federal Reserve Bank of Atlanta
Assumed office
June 5, 2017
Preceded byDennis P. Lockhart
Personal details
Born1966 (age 5455)
New York City, New York, U.S.
EducationHarvard University (BA)
Stanford University (MA, PhD)

Education and early career


Bostic was born in New York City and grew up in Delran, New Jersey, where he was valedictorian of his high school. He earned a Bachelor of Arts (BA) degree from Harvard University in 1987 with a combined major in economics and psychology. In 1995, he earned his doctorate in economics from Stanford University.[4]

Career


Bostic served as a board member of Freddie Mac, the Lincoln Institute of Land Policy and Abode Communities. He is a fellow of the National Association of Public Administration, vice president of the Association for Public Policy Analysis and Management, a member of the board of trustees of Enterprise Community Partners, and a research advisory board member of the Reinvestment Fund.

Bostic was an economist for the Federal Reserve Board of Governors from 1995 to 2001, and the assistant secretary for policy development and research at United States Department of Housing and Urban Development from 2009 to 2012. He was the Chair of the Department on Governance, Management and the Policy Process at the Sol Price School of Public Policy at the University of Southern California from 2012 to 2017.

In 2020, Bostic wrote an essay for the FRB Atlanta entitled, "A Moral and Economic Imperative to End Racism."[5] In it he wrote that systematic racism drags on the economy.[6] In November 2020, Bostic was named as a potential candidate for Secretary of the Treasury in the Biden Administration.[7]

Personal life


Bostic is the first African-American and first openly gay[8] man selected to lead a regional Federal Reserve bank.[9]

See also


References


  1. "Atlanta Fed Names Bostic New President and CEO". Atlanta Fed. Retrieved March 18, 2017.
  2. Bio, Federal Reserve Board.
  3. "Dean's Message: Raphael Bostic named president of Federal Reserve Bank of Atlanta". USC Price School of Public Policy. March 16, 2017. Retrieved September 25, 2020.
  4. "Raphael Bostic, Incoming President and Chief Executive Officer as of June 5, 2017", Federal Reserve Bank of Atlanta, March 13, 2017. Accessed March 19, 2017. "Dr. Bostic was born in 1966 and grew up in Delran, New Jersey. A high school valedictorian, he graduated from Harvard University in 1987 with a combined major in economics and psychology—disciplines he believes are intimately interrelated. After a brief stint in the private sector, Bostic earned his doctorate in economics from Stanford University in 1995."
  5. "A Moral and Economic Imperative to End Racism". Federal Reserve Bank of Atlanta. Retrieved July 6, 2020.
  6. Cox, Jeff (July 6, 2020). "Raphael Bostic, the Fed's first Black branch president, says racism has economic impacts". CNBC. Retrieved July 6, 2020.
  7. "Who Are Contenders for Biden's Cabinet?". The New York Times. November 11, 2020. Retrieved November 11, 2020.
  8. Soergel, Andrew. "Atlanta Fed Names Raphael Bostic Next President". www.usnews.com. Retrieved March 18, 2017.
  9. Applebaum, Binyamin. "Raphael Bostic to Be First Black President of a Fed Regional Bank". New York Times. Retrieved March 18, 2017.