Atlanta Fed President Raphael Bostic to retire at end of term

A top Federal Reserve official said Wednesday he will retire at the end of his term in February.

Atlanta's Federal Reserve President Raphael Bostic will leave his post when his term expires in around than three months, he announced.

"I'm proud of what we accomplished during my tenure to turn the lofty goal of an economy that works for everyone into more of a reality, and I look forward to discovering new ways to advance that bold vision in my next chapter," Bostic, 59, said in a statement.

Bostic, who served as 15th president of the Federal Reserve Bank of Atlanta since June 2017, was the first Black regional president.

He oversees all bank activity, including monetary policy, supervision, payment services and Bostic also serves on the Federal Open Market Committee, which is the monetary policymaking body of the Federal Reserve System.

Bostic's five-year term was marked by controversial personal investments.

Meanwhile, the Atlanta Fed's first VP and COO Cheryl Venal will act as interim president until a successor is named by the board.

U.S. Federal Reserve Chair Powell said Bostic's perspective had "enriched the Federal Open Market Committee's understanding of our dynamic economy."

Powell added that Bostic provided a "steady voice" and had "exemplified the best of public service -- grounded in analysis, informed by experience and guided by purpose."