The dismal cost of economics’ lack of racial diversity
On June 5, 2017, Raphael Bostic became the 15th president of the Federal Reserve Bank of Atlanta. This also made him the first African American president of any regional Fed in the US central bank’s 100-year history.
The Atlanta Fed is the main seat of the Federal Reserve’s sixth district, which covers all of Alabama, Florida, and Georgia, as well as parts of Tennessee, Louisiana, and Mississippi. Bostic’s role is to study trends in the economy, and oversee monetary policy activities and bank regulation in the region. This year he also became a voting member of the Fed’s main interest rate-setting body in Washington DC, the Federal Open Market Committee (FOMC). (read more)