DAVID SCOTT - CONGRESSMAN, REPRESENTING GEORGIA'S 13TH DISTRICT

Press Release

Congressman David Scott Applauds Atlanta Federal Bank’s Historic Appointment of First African American President and Chief Executive Officer

f t # e
Washington, March 13, 2017 | comments

Today the Board of the Federal Reserve Bank of Atlanta announced its historic appointment of Dr. Raphael W. Bostic to become the 15th President and Chief Executive Officer, effective June 5, 2017. Congressman David Scott (GA-13) released the following statement upon hearing of the announcement:

“I could not be more thrilled about today’s announcement regarding Raphael Bostic being named the next Atlanta Regional Bank President,” Said Scott.  “This marks an historic event for our Federal Reserve System.  In over 100 years of its existence, never has there once been an African American as a Regional President. That all ends today. 

“I want to commend the Atlanta search committee and Thomas Fanning, Chairman of the Board of the Federal Reserve Bank of Atlanta, for their wonderful selection and very transparent process.  I also want to thank them for their willingness to meet with me and answer the questions I posed to them in writing

“I also want to thank Fed Chair Janet Yellen and her team for promptly responding to the many questions I asked of her during numerous Financial Services Committee hearings and also in writing.

“Finally, I want to again thank former Atlanta Fed President Dennis Lockhart for his service and commitment to helping combat my biggest priority as a Congressman--- African American unemployment. I’ve made the struggle of African American recovery from the financial crisis a key part of the work I do in Congress----especially fighting to bring down stubborn and high unemployment rates for African Americans.  Regional Presidents play a key role in helping to shape our country’s economic policy, using a tool called monetary policy.  Having an African American like Bostic at the table when these interest rate decisions are made will be a huge help as I continue my fight in Congress.” 

Background Information on Dr. Raphael Bostic

As Regional President, Raphael W. Bostic will bring a wealth of experience and a resume that already includes half a decade’s worth of experience at the Federal Reserve Board of Governors during the 1990s. He currently serves as the Judith and John Bedrosian Chair in Governance and the Public Enterprise at the Sol Price School of Public Policy at the University of Southern California (USC).  Before that, under the Obama Administration from 2009 to 2012, Bostic served as the assistant secretary for Policy Development and Research at the U.S. Department of Housing and Urban Development (HUD). 

Bostic also brings an unmatched educational background. He graduated from Harvard University in 1987 with a combined major in economics and psychology, and earned his doctorate in economics from Stanford University in 1995.

As president of the Atlanta Fed, Bostic will lead one of the 12 regional Reserve Banks that, with the Board of Governors, make up the Federal Reserve System, the nation's central bank. The Atlanta Fed covers the Sixth Federal Reserve District, which includes Alabama, Florida and Georgia and portions of Louisiana, Mississippi and Tennessee.

 


f t # e