Boston Fed chief on the cusp of stepping down, Atlanta Fed launches succession plan.

The Federal Reserve Bank of Atlanta announced on Monday that it has officially begun the selection process for a new president. The current president of the bank, Bostic, has confirmed that he will retire at the end of his term in late February this year. According to the Federal Reserve Act, regional Fed presidents are selected by directors who are not affiliated with regulated financial institutions, and the final candidate must be approved by the Fed Board of Governors in Washington. The Atlanta Fed stated in a press release that the selection committee will be led by the chairman of the bank's board of directors, Gregory Haile, CEO of the non-profit organization Upwardly Global, and will seek public input throughout the process. Bostic announced last month that he would step down after his current term ends on February 28. If the new president has not been decided by then, the First Vice President and Chief Operating Officer of the Atlanta Fed, Cheryl Venable, will temporarily serve as president. Bostic took over as president of the Atlanta Fed in 2017, becoming the first African American to lead a regional Fed. During his tenure, he held relatively moderate views in monetary policy discussions and his opinions carried some weight within the Federal Reserve. However, in recent years, Bostic has faced scrutiny over financial trading issues. A report from the Fed's internal watchdog last year confirmed that his asset manager had engaged in transactions during periods when policy makers were prohibited from trading, but no evidence was found of Bostic using insider information for trading. Just last week, the Fed Board unanimously voted to reappoint the remaining 11 regional Fed presidents for five-year terms. This decision temporarily alleviates uncertainty over the composition of the Federal Open Market Committee (FOMC) in the future. According to the rotation schedule, the next time the Atlanta Fed president will have voting rights on interest rates in the FOMC will be in 2027. As Bostic nears his departure, the policy stance and background of his successor will continue to be a focus of attention for the market and investors.