Replace Dennis Lockhart.
The Federal Reserve Bank of Atlanta has named Raphael Bostic its new president.
Bostic, most recently a professor of governance at the University of Southern California, previously worked in the Obama administration as assistant secretary for policy development and research at the Department of Housing and Urban Development. While there, he helped to formulate the response to the housing bubble collapse.
Mr Bostic will be the first African-American to serve as the president of any of the 12 regional reserve banks. He will start on June 5th and will not be a voting member of the Fed until 2018.
His views on monetary policy are not known.
