Atlanta Fed chair steps down as Trump attacks central bank's independence

"The head of the Federal Reserve Bank of Atlanta announced plans to step down amid an extraordinary campaign by Donald Trump to exert influence over the US central bank. Raphael W Bostic, president of the Atlanta Fed, will retire from the role in February creating another vacancy on the Fed's powerful policy committee. As the Trump administration continues to demand interest rate cuts, and even target some Fed officials, Bostic is the latest senior figure to depart."

"I feel incredibly fortunate to have worked with the Atlanta Fed's outstanding staff to fulfill the Federal Reserve's mission and serve the Sixth District and the American people, said Bostic. I'm proud of what we accomplished during my tenure to turn the lofty goal of an economy that works for everyone into more of a reality, and I look forward to discovering new ways to advance that bold vision in my next chapter."

Raphael W Bostic, president of the Atlanta Fed, will retire in February, creating a vacancy on the Federal Reserve's policy committee. The departure coincides with an extraordinary campaign by Donald Trump to exert influence over the central bank, including demands for interest rate cuts and targeting some Fed officials. The Atlanta Fed will conduct a nationwide search for its next president; the US president will not appoint the successor. Bostic, 59, could have served another six years and was the first African American and openly gay regional Federal Reserve bank president. Fed chair Jerome Powell paid tribute to his service.

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