By CHRISTOPHER RUGABER, Associated Press Economics Writer
WASHINGTON (AP) — Raphael Bostic, president of the Federal Reserve Bank of Atlanta, will retire at the end of his current term in February, opening up a new seat on the Fed’s interest-rate setting committee at a time that President Donald Trump is seeking to exert more control over the central bank.
Related Articles
Trump urges Israel to pardon Netanyahu, sparking concerns over US influence Grijalva will be sworn in as the House’s newest member, paving the way for an Epstein files vote House returns for vote to end the government shutdown after nearly 2 months away Top diplomats will talk with Ukraine’s foreign minister at the G7 meeting in Canada Appeals court to hear arguments on law cutting Planned Parenthood Medicaid fundsAs president of one of the Fed’s 12 regional banks, Bostic, 59, serves on the 19-member committee that meets eight times a year to decide whether to change a key short-term interest rate that influences borrowing costs throughout the economy. Only 12 of the 19 participants vote on rates at each meeting. The regional Fed presidents rotate and the Atlanta Fed’s president will next vote in 2027.
Bostic’s replacement will be selected by the Atlanta Fed’s board of directors, not the Trump administration. The Fed’s board of governors will vote on whether to approve Bostic’s replacement. Three of the seven members of the board were appointed by Trump.
The regional Fed banks were set up specifically to ensure that voices outside Washington and New York would have a say in the central bank’s decisions.
Trump has repeatedly attacked the Fed this year for not cutting interest rates as quickly as he would prefer. The Fed reduced its key rate by a quarter-point at its September and October meetings, but Chair Jerome Powell said at a news conference last month that another cut in December is not a “foregone conclusion.”
Hence then, the article about atlanta fed president bostic to retire in february opening seat on key committee was published today ( ) and is available on GreeleyTribune ( Saudi Arabia ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details
Finally We wish PressBee provided you with enough information of ( Atlanta Fed president Bostic to retire in February, opening seat on key committee )
Also on site :
- The hypocritical NFL really doesn’t care about its viewers — even on the holidays
- Ashes 4th Test, Boxing Day Test: Toss-match timing, live streaming, injury updates, head-to-head & AYNTK
- Broncos vs Chiefs Odds, Touchdown Scorers for Christmas Night