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USC’s Raphael Bostic is Fed’s “First Step” Toward Diversity
The Federal Reserve Bank of Atlanta named University of Southern California professor Raphael Bostic president, effective June 5, 2017. Bostic becomes the first African American to lead one of the Fed’s dozen regional banks.
Bostic brings experience in academia, government and research including serving as a senior economist for the Fed’s Board of Governors in Washington, DC, as well as in the Obama Administration as the Assistant Secretary for Policy Development and Research at the U.S. Department of Housing and Urban Development. He most recently served as director of the Bedrosian Center on Governance at USC’s Sol Price School of Public Policy, and first joined USC in 2001.
The move was called a “long-awaited first step towards building diversity” by Rep. Maxine Waters (D-Los Angeles), who hailed Bostic as an “outstanding choice.”
The Fed’s board of directors in Atlanta and the Board of Governors in Washington approved the appointment. Bostic will oversee roughly 1,700 employees in the Atlanta region, and participate in monetary policy decisions in Washington.
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