Six blocks from Midtown, behind an immense limestone facade on Peachtree Street, sits one of the most consequential economic institutions in the city. The Federal Reserve Bank of Atlanta – the 6th District branch of the American central bank – sets the tone for how the city and region’s economy works for the people who live in it.
For nearly a decade, the man at the helm of the Atlanta Fed was Dr. Raphael Bostic. In February, he announced his retirement, setting off a leadership search that economists, city council members and business leaders are watching closely. The question at hand is not just who will step into Bostic’s place but whether the vision Bostic built for what a regional Fed president can be will continue for years to come.
A tenure of connection
Dennis Lockhart led the Atlanta Fed from 2007 to 2017 as its fourteenth president, navigating the institution through the 2008 financial crisis and its slow, difficult recovery. Bostic took over control after Lockhart’s departure, building significantly on what Lockhart had set the foundation for.
Lockhart, who now serves on more boards and committees than he can count, also co-teaches an undergraduate course on foreign diplomacy at Georgia Tech. He described how a new president shapes the bank’s identity and where they have room to make their unique mark.
“The new president will ultimately set an agenda for themself of what he or she wants to see [the] bank do, mostly in the field of economic research and also in the field of community outreach or relations,” Lockhart said. “There’s some scope for personalizing the focus of your bank. When Raphael Bostic took over from me, he changed the emphasis to some extent in the community affairs area; he had the research department looking at maybe some different questions than I asked them to look at.”
That shift became central to Bostic’s legacy. During his tenure, he deepened the bank’s focus on economic mobility while forging relationships across Atlanta’s civic and business communities. Many of his initiatives and publicity aimed to shape the Fed as a much more visible presence in the city’s public life.
Bostic himself was unavailable for comment; in his place, the Atlanta Fed’s communications team made available Kevin Dancy, Vice President and Regional Executive, who spoke on the bank’s behalf. Dancy, who worked in close coordination with Bostic on monetary policy, said the bank’s approach reflected a distinct, deliberate philosophy Bostic carried into every action of the bank.
“Raphael [Bostic] took something from his predecessor, [Dennis] Lockhart,” Dancy said. “That was saying, ‘We’ve got to be connected to communities. We’ve got to be outside of these four walls. We’ve got to be actively listening.’ He challenged us to be much more thoughtful about and intentional about how we actually go outside into [the community].”
Grady alum Matt Westmoreland, an Atlanta City Council member who chairs the Community Development and Human Services Committee and serves on the board of Invest Atlanta, had breakfast with Bostic on the morning of his interview for this story. He traced the beginning of their relationship to a conversation about economic mobility in 2019 and emphasized that Bostic’s work goes hand in hand with other political entities in Atlanta, such as the Council.
“The last six or seven years, he’s been really woven into the city on a lot of different grounds,” Westmoreland said. “He’s just been really engaged around both on an individual level with relationships with key civic and philanthropic and public sector folks, and then also using his court, his position to raise issues that might not always be talked about and to raise ideas and ways that maybe historically haven’t been shared. I’ve always deeply appreciated that.”
Dr. Jerry Parrish, chief economist of the Metro Atlanta Chamber, pointed to the same quality and its immense effect on the business ecosystem.
“[Bostic]’s done well with the community because he’s a very approachable person and is really interested in what’s going on and really interested in your business, your take on things,” Parrish said. “For example, I talked to him about my farm. Being personable – that goes a long way with the business community, and Bostic is that man.”
Bostic’s tenure as chair of the Metro Atlanta Chamber’s Board of Directors reflected his broader commitment to regional economic leadership and civic engagement.
Parrish pointed to Bostic’s influence on the Chamber and the region, particularly through his leadership role.
“Dr. Bostic’s service on our executive committee, and his leadership as chair, exemplified a deep commitment to the Atlanta community,” Parrish said.
Until the next permanent successor is named, First Vice President Cheryl Venable is serving as the institution’s interim president.
“Cheryl Venable will serve as interim president and CEO, standing in for Raphael Bostic, until a new president is selected by our board of directors and then approved by the Board of Governors in D.C.,” Dancy said.
With Bostic’s departure, the board of directors of the Atlanta Fed has launched a search for his successor. The candidate will be chosen by the board, then approved by the higher Federal Reserve’s Board of Governors in Washington. Lockhart said the search is typically national, or sometimes even international, and does not expect the incoming president to emerge from Atlanta.
When Bostic stepped up to the role, he was a professor at the University of Southern California. Lockhart himself was a faculty member at Georgetown University in Washington when he was chosen.
“The search is a national, if not international search,” Lockhart said. “The main criterion, of course, [is] for someone who can fill the job, and very importantly, be a policymaker. It wouldn’t surprise me if someone came from somewhere quite distant.”
