CONYERS, WATERS, SCOTT & WARREN Applaud Appointment Of Raphael Bostic To Atlanta Federal Reserve Bank

Bostic to Become First African-American Fed President

Washington, DC - United States Representatives John Conyers, Jr. (D-MI), Ranking Member on the Judiciary Committee; Maxine Waters (D-CA), Ranking Member on the Financial Services Committee; and David Scott (D-GA), a senior member of 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.

Dean of the U.S. House
of Representatives
John Conyers, Jr.

In May of 2016, Rep. Conyers and Sen. Warren 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. Conyers, Lewis, Waters and Scott sent a letter to the Fed specifically calling for the Atlanta Federal Reserve Bank position to be filled by a diverse candidate.

"The selection of Raphael Bostic to lead the Atlanta Reserve 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."

"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."

"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."
Congressman Conyers launched the 32-member Congressional Full Employment Caucus in February 2014. Full employment is defined as the lowest possible unemployment rate that the economy can reach. Congressman Conyers has introduced several pieces of legislation to further that goal:  H.R. 1000,the Humphrey-Hawkins 21st Century Full Employment and Training Act of 2015, which would tax Wall Street speculation to guarantee a job or training to every American who wants to work; H.R. 3531, The Full Employment Federal Reserve Act, which instructs the Federal Reserve bank to target a four percent national unemployment rate – the rate reached in the late 1990s; and H.R.3674, The Labor Statistics Improvement Act, which would create a commission to ensure that unemployment statistics accurately reflect the reality on the ground for job seekers. The Congressional Full Employment Caucus serves as a platform and working group for Members of Congress who are dedicated to identifying solutions and advocating for legislative action to reduce unemployment. 

Atlanta Federal Reserve Bank picks Raphael Bostic to succeed Dennis Lockhart as new president and CEO

Raphael Bostic, Federal Reserve Bank of Atlanta, President

The Federal Reserve Bank of Atlanta said Monday that Raphael Bostic will succeed Dennis Lockhart as president and CEO.

Bostic, 50, will take on the role after Lockhart retired from the Atlanta Fed on Feb. 28.

"We are very pleased that Raphael will join the Atlanta Fed as its president and chief executive officer," said Thomas Fanning, chairman of the board of the Federal Reserve Bank of Atlanta.

"He is a seasoned and versatile leader, bringing with him a wealth of experience in public policy and academia. Raphael also has significant experience leading complex organizations and managing interdisciplinary teams. He is a perfect bridge between people and policy," he said.

Bostic said in a statement, "The Reserve Banks are vital contributors to our nation's economic and financial success. I'm excited about the opportunity to work with the Bank's well-respected staff in advancing the excellent reputation this organization has built over many years."

Lockhart served in his role since March 1, 2007, and is beyond the 65-year age limit that the Fed sets for reappointment of regional bank presidents to a new 10-year term, Reuters reported. He plans on continuing to pursue his "interests in public policy, civic work and private business," the bank said.

Bostic worked at the Federal Reserve Board of Governors from 1995 to 2001, serving as an economist and then a senior economist in the monetary and financial studies section.

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CONYERS Leads Effort for Diversity In Federal Reserve Bank Leadership

Washington, DC - Reps.  John Conyers, Jr. (D-MI), Ranking Member on the Judiciary Committee;  John Lewis (D-GA), a senior member of the House Ways & Means Committee; David Scott (D-GA), a senior member of the Financial Services Committee; and Maxine Waters (D-CA), Ranking Member on the Financial Services Committee, urged the Federal Reserve to conduct an inclusive, transparent search for the next President of the Reserve Bank of Atlanta, one that engages candidates from many diverse backgrounds.

Dean of the U.S. House
of Representatives
John Conyers, Jr.

In a letter to Federal Reserve Chair Janet Yellen and Thomas Fanning, Chairman of the Atlanta Fed, the Members emphasized the need for Federal Reserve policymakers to account for our nation’s grave racial disparities in terms of unemployment, wages, and income in the development of monetary policy, especially since the economic downturn severely damaged the already tenuous financial security of traditionally underserved communities.  In the sixth Federal Reserve district, where the new president will serve, unemployment and poverty rates for African-Americans, for example, are about double those for white Americans.

Presidents of the 11 other reserve banks have all worked for major financial firms or at the Federal Reserve before their appointments.  The Members urged the Fed to consider a wider range of backgrounds, including academia, labor, and non-profit institutions, to capture the perspectives of all Americans as they develop economic policy.  Since the appointment of Andrew Brimmer to the Federal Reserve Board of Governors by Lyndon Johnson, there have been only a few minority governors, and no African-American or Latino bank presidents have ever been appointed.  Currently there is one Asian bank president, Neel Kashkari, who heads the Reserve Bank of Minneapolis.

A report by the Center for Popular Democracy in February 2016 showed that the overwhelming majority of Reserve Bank directors and presidents are white, and there has never been an African-American or Latino Federal Reserve Bank president in the Fed’s history.  In May, 127 Members of Congress, led by Congressman John Conyers, Jr., signed a letter urging for more diversity and a greater focus on high employment in minority communities at the Fed. 

“Selecting the first African-American or Latino Regional Bank president would be a historic milestone for the Federal Reserve, and I greatly appreciate Chair Yellen’s focus on increasing diversity.  But given the Fed’s long history of prioritizing low inflation over job creation, the candidate also should be truly committed to full employment and possess deep knowledge of labor market disparities that too often leave workers, especially workers of color, behind,” said Rep. John Conyers, Jr., Ranking Member on the House Judiciary Committee and Chair of the Congressional Full Employment Caucus.

“With this search, the Federal Reserve has a unique opportunity to restore confidence in our financial system by including the perspectives and experiences of a wider range of Americans,” Rep. John Lewis said.  “Metro Atlanta was hit hard by the Great Recession, and many people in the South are still mired in poverty due to that downturn.  In light of recent crises, the Federal Reserve should look far and wide to find the best person for this important job, not only within its own network.  The Fed has a responsibility to ensure that the financial needs of the most vulnerable are considered within the policymaking process.”                                      

“The Federal Reserve has an opportunity to do something very significant with the recent retirement announcement of the current President of the Atlanta Federal Bank,” said Rep. David Scott.  “We’ve never had an African American Regional Fed president.  I’m asking the Federal Reserve to take this opportunity to make history.  We have many exceptionally qualified African Americans who can do this.”

In September, Atlanta Federal Reserve President Dennis Lockhart announced his retirement, effective in February 2017.  To find a new president, the Directors of the Federal Reserve Bank of Atlanta will identify and consider candidates, who then must be interviewed and approved by the Federal Reserve Board of Governors.  The Federal Reserve Bank of Atlanta is one of 12 regional Reserve Banks and covers Georgia, Florida, Alabama, eastern Tennessee, southern Mississippi, and southern Louisiana.

Congressman Conyers launched the 32-member Congressional Full Employment Caucus in February 2014. Full employment is defined as the lowest possible unemployment rate that the economy can reach. Congressman Conyers has introduced several pieces of legislation to further that goal:  H.R. 1000, the Humphrey-Hawkins 21st Century Full Employment and Training Act of 2015, which would tax Wall Street speculation to guarantee a job or training to every American who wants to work; H.R. 3531, The Full Employment Federal Reserve Act, which instructs the Federal Reserve bank to target a four percent national unemployment rate – the rate reached in the late 1990s; and H.R.3674, The Labor Statistics Improvement Act, which would create a commission to ensure that unemployment statistics accurately reflect the reality on the ground for job seekers. The Congressional Full Employment Caucus serves as a platform and working group for Members of Congress who are dedicated to identifying solutions and advocating for legislative action to reduce unemployment. 

Congressional Letter to Federal Reserve About Federal Reserve Bank of Atlanta Presidential Search by Beverly Tran on Scribd

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