History In Atlanta: Raphael Bostic Named First African-American Chief of A Fed Bank

ATLANTA, GA -- In a historic first, an African-American has been tapped to lead the Federal Reserve Bank of Atlanta, one of the 12 regional banks in the Fed system.

As president of the Atlanta Fed, Raphael Bostic, 50, will have a hand in setting national monetary policy and supervising several banking organizations in the South, including those in Georgia, Florida, Alabama and parts of Tennessee, Mississippi and Louisiana.

Bostic is a University of Southern California professor who comes back to the federal government after a stint in the Obama Administration as the assistant secretary for Policy Development and Research at the U.S. Department of Housing and Urban Development.

“It’s not lost on me that I ...am the first African American to lead a Federal Reserve institution,” he said, according to the L.A. Times. “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 was quoted as saying.

Thomas A. Fanning, chairman of the board of the Federal Reserve Bank of Atlanta, announced Bostic's appointment in an online video Monday.

“What made Raphael our top choice for the Atlanta Fed president? His positive energy, his deep knowledge of income inequality, economic opportunity and consumer banking issues and his outstanding personal character and intellect,” Fanning said.

Bostic was raised in Delran, New Jersey. A high school valedictorian, he graduated from Harvard University in 1987, majoring in psychology and economics.

Bostic will officially take the reins in Atlanta on June 5, succeeding Dennis Lockhart, who retired from the Atlanta Fed in February.

Images via Federal Reserve / Creative Commons license