An USC professor, Raphael Bostic, named first Black president of a Fed Regional Bank
University of Southern California professor Raphael Bostic just made history by becoming the first African American to be named president of a Federal Reserve regional bank in the system’s nearly 104-year existence.
The 50-year-old was named head of the Federal Reserve Bank of Atlanta on Monday. Bostic, director of the Bedrosian Center on Governance at USC’s Sol Price School of Public Policy, said in a video statement that his appointment is “a very big deal,” according to the Los Angeles Times.
“It’s not lost on me that I … am the first African American to lead a Federal Reserve institution,” he said. “It’s kind of daunting. It’s an overwhelming thought. It’s a tremendous privilege.”
Bostic will start on June 5, succeeding current president Dennis P. Lockhart, who reached mandatory retirement after serving 10 years. He said that he’s eager to take on the task and break a racial barrier.
“This could have happened a long time ago,” Bostic said, “but we’re happy that it happened now, and I look forward to this being a steppingstone for many others to have this opportunity as well.”