The Federal Reserve Bank of Atlanta today named as its new president Raphael Bostic, an economist, professor and former housing official under President Obama.
Bostic, 50, is the first African-American president at one of the dozen Fed regional banks. Since leaving the government in 2012, he has been a professor in public policy at the University of Southern California.
He will take the position during a time of economic transition and political turmoil. Fed leaders, apparently persuaded that the economy has finally healed from the recession, are poised to start raising interest rates again. That strategy — aimed at heading off inflation — would be bolstered if the Trump administration follows through on promises to spend large amounts of money on infrastructure. (Atlanta Journal-Constitution)