Atlanta Federal Reserve President Raphael Bostic announced Wednesday that he will step down from his position when his current term ends in February 2025, concluding an eight-year tenure marked by both notable achievements and controversy.

Appointed in June 2017, Bostic made history as the first Black and openly gay regional president in the Federal Reserve System. His term officially runs until February 28, 2025. In a public statement, Bostic reflected on his time in office, saying, “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. I look forward to discovering new ways to advance that bold vision in my next chapter.”

Bostic’s departure comes at a significant moment for the Federal Reserve and its rate-setting body, the Federal Open Market Committee (FOMC), as it prepares for potential leadership changes next year. Regional presidents typically serve synchronized five-year terms that expire in years ending with either a “1” or “6.” Although local Federal Reserve Bank boards select regional presidents, their appointments must be approved by the Fed’s Board of Governors. This process, normally straightforward, could face heightened scrutiny amid shifting political dynamics in Washington.

Alongside the turnover among regional bank presidents, Fed Chair Jerome Powell’s current term as chair ends in May 2026, though his position on the Board of Governors extends until 2028.

Throughout his tenure, Bostic earned a reputation as a centrist voice within the Fed. In recent months, he has expressed caution toward cutting interest rates too quickly, emphasizing the need for careful monitoring amid stubborn inflation and a cooling labor market. While he does not hold an FOMC vote this year, the Atlanta Fed is scheduled to rejoin the voting rotation in 2027.

Powell praised Bostic’s leadership in a statement, saying his “perspective has enriched the Federal Open Market Committee’s understanding of our dynamic economy. His steady voice has exemplified the best of public service — grounded in analysis, informed by experience, and guided by purpose.”

Until a successor is appointed, Cheryl Venable, the Atlanta Fed’s first vice president and chief operating officer, will assume the role of acting president.

Despite his accomplishments, Bostic’s tenure was not without controversy. In October 2022, the Federal Reserve initiated a review of trades executed on his behalf during blackout periods — times when trading by Fed officials is restricted due to policy meetings. The internal investigation found 154 trades made during those restricted periods. However, the report concluded there was no evidence of insider trading or any personal financial conflict.

Questions were also raised about Bostic’s financial disclosures and the extent of his Treasury holdings. Bostic later acknowledged the discrepancies, clarifying that the trades had been executed by independent investment managers without his direct oversight.

These revelations came amid broader scrutiny of financial activities among Fed officials, which prompted the central bank to impose stricter internal controls and tighter rules on investment activities for its policymakers.

As Bostic prepares to leave the Atlanta Fed, his legacy will be defined by a combination of groundbreaking representation, thoughtful policymaking, and lessons learned through transparency challenges. His next move remains undisclosed, but his impact on shaping the Fed’s vision of inclusive economic growth is expected to endure long after his departure.