United States Representatives David Scott (D-GA), a senior member of the Financial Services Committee; John Conyers, Jr. (D-MI), Ranking Member on the Judiciary Committee; and Maxine Waters (D-CA), Ranking Member on the Financial Services Committee; and Senator Elizabeth Warren (D-MA), today released the following statements to recognize the historic appointment of Raphael Bostic to be the President of the Atlanta Federal Reserve Bank. Bostic will become the first African-American President of a Federal Reserve Bank in the Fed's 100 year history. The Members of Congress applauded today's announcement and encouraged the Fed to continue to diversify the leadership of banks across the country.
"I could not be more thrilled about today's announcement regarding Raphael Bostic being named the next Atlanta Regional Bank President," said Congressman 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."
"The selection of President Raphael Bostic to lead the Atlanta Reserve break is a historic step on the long road to equality and justice for people of color in the United States," Congressman Conyers said. "I am pleased that Federal Reserve officials have taken this important step to fulfill Congress's call to diversify their leadership, both in terms of race and occupational background. Not only is he the first African-American regional bank president, but he is also a champion for families struggling in today's economy, and does not come from the corporate background that is already overrepresented at the Fed. I greatly look forward to working with President Bostic to ensure that progress towards the full employment vision laid out by Dr. King and Coretta Scott King is fulfilled for all of America's people."
"Mr. Bostic is an outstanding choice," said Congresswoman Waters, Ranking Member of the House Committee on Financial Services. "His wealth of experience and research on wealth disparities and barriers to economic opportunity will play a critical role in shaping the economic policy decisions that affect all American families. Given the disparate economic experiences faced by key demographic groups, it is crucial that a broader cross-section of groups have a seat at the decision-making table. I congratulate Mr. Bostic on his appointment and encourage the Federal Reserve Bank of Richmond, working with the Board of Governors, to build on today's announcement by conducting the genuine and intentional efforts needed to build diversity at the Fed and ensure its senior leaders reflect the interests of America as a whole."
"Raphael Bostic is an excellent choice to head the Atlanta Fed. He has extensive experience researching how economic policy affects working families," Senator Warren said. "I am glad to see Raphael's appointment, and I encourage the Fed to further strengthen its leadership by bringing on additional people with diverse backgrounds to serve in key roles."
In May of 2016, Sen. Warren and Rep. Conyers led a letter to Fed Chair Janet Yellen calling for more diversity in the Federal Reserve's leadership; the letter was signed by 116 members of the House and 11 senators. In October 2016, Reps. Scott, Conyers, Waters, and John Lewis sent a letter to the Fed specifically calling for the Atlanta Federal Reserve Bank position to be filled by a diverse candidate.