March 13, 2017

Brown Commends Raphael Bostic's Appointment as Atlanta Fed President

WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) – ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – today commended the appointment of Raphael Bostic to serve as President of the Federal Reserve Bank of Atlanta. Bostic is the first African-American chosen to lead one of the 12 regional Fed banks in the central bank’s history.

"Mr. Bostic is a well-qualified economist and public servant who has devoted his career to studying and fighting inequality. His appointment to lead the Atlanta Fed is an historic step forward that is long overdue," said Brown. "In its century of existence, the Fed's ranks have lacked the kind of diversity — of race, gender, background, and ideas — that reflects the wide spectrum of Americans’ experiences and economic realities. I will continue to encourage the Federal Reserve System as a whole to keep making progress in bringing more diversity to its workforce and leadership."

During a Banking Committee hearing in February, Brown questioned Federal Reserve Chair Yellen on racial inequalities in the economy, the vacancies at the Federal Reserve Banks of Atlanta and Richmond, and the persistent lack of diversity among presidents and directors at the Fed’s 12 regional banks. Click here to watch Brown’s exchange with Yellen.