Raphael Bostic moved to Atlanta in 2017 to become president of the Federal Reserve Bank of Atlanta – breaking norms as the first Black and first openly gay president of one of the 12 Federal Reserve banks.
Bostic, 59, stepped down at the end of February from what he called “the best job” he’s ever had – steering the bank through unprecedented challenges, including the global COVID pandemic.
During his whole time as president, Bostic has centered his leadership at the Federal Reserve around the notion of creating “an economy that works for everyone.”
In a telephone interview on Feb. 28, Bostic said he is planning to stay in Atlanta to continue working on efforts to ensure everyone has an opportunity to benefit from a growing economy.
For Bostic, these are not idle words.
It was Bostic who first made me aware of how low metro Atlanta ranked when it came to economic mobility. On Sept. 15, 2019, Bostic was a guest speaker at St. Luke’s Episcopal Church, talking about income inequality and economic mobility.
“Atlanta does not fare well in social and economic mobility — the ability to be economically mobile so that you end up in a more successful space,” Bostic said in 2019. “The likelihood is that a child born into poverty will remain there.”
Bostic quoted from a Harvard University study by Raj Chetty that ranked Charlotte 50th and Atlanta 49th when it came to economic mobility among the top 50 cities in the United States.
Unlike Charlotte, the Atlanta region “has not galvanized into collective action.”
Since then, Charlotte’s rank went from 50th to 38th, according to Chetty’s 2024 study, while Atlanta’s rank went from 49th to 50th.
“Over time, more and more people are acknowledging the issue,” Bostic said in the recent interview. “I do think there are folks out there trying to make a difference and trying to move the dial.”
The good news is that Bostic plans to remain in Atlanta and to continue working on the complex issues that hinder success for the most vulnerable.
“There are a lot of challenges,” Bostic said. “Atlanta is not reaching its full potential, and it could. In a world that’s increasingly competitive and complex, it’s important to get people who may not be contributing to reach their highest potential.”
Bostic arrived in Atlanta in 2017, having never lived in the South. After serving in academia in California and working for the U.S. Department of Housing and Urban Development in Washington, D.C., Bostic didn’t know how he was going to be received.
“Atlanta has been very good to me,” Bostic said. “It’s been a place where there’s been a lot of discovery, a place with a lot of warmth. I’ve had a chance to learn a lot of things and get good insights of the opportunities and the growth trajectory. There’s tremendous energy.”
On the one hand, Atlanta is seen as a thriving center for business and opportunity. On the other hand, Atlanta’s rankings for income inequality and economic mobility are at the bottom.
“More than one thing can be true,” Bostic said. “The success is real. The Fortune 500 companies with a global footprint. It’s a great place to have an event or business.
“But there are also neighborhoods and people who have not benefited,” Bostic continued. “Maybe I’m a crazy optimist. But I want to find ways to have people benefit from the bounty that’s here. That’s an important area for me.”
Bostic and his husband, Jeff Taylor, plan to continue living in Atlanta in their Druid Hills neighborhood and find ways to contribute to the city. Bostic mentioned loving to drink his coffee in the morning, enjoying nature and bird watching.
“It’s a very, very pleasant place,” Bostic said. “I’ve been here almost 9 years. I’ve made lots of connections and contacts. The work is not done. And I’m going to be around, and I’ll help however I can. At this point, I feel I’m in a good place. I do have a lot of connections.”
To make real change in our region’s economic mobility, Bostic said it’s important for the major institutions to work.
That’s why he chaired the board of the United Way of Greater Atlanta, which is dedicated to improving the welfare of children with its “child well-being index.”
Bostic also chaired the Metro Atlanta Chamber in 2022. He is a member of the Rotary Club of Atlanta. He serves on the Partnership for Innovation’s board. And he recently became an associate director of the Arthur M. Blank Family Foundation.
“I do think there are folks out there trying to make a difference and trying to move the dial,” Bostic said. “As we move forward, I want to make sure people see pathways to success. People not reaching their full potential.”
Bostic is also realistic. The problems did not emerge overnight, and it will take time to galvanize the community to work on the issues, despite the fact the “symptoms can feel overwhelming.” He is hopeful the Atlanta region can reach its potential.
“I will help if I can. Atlanta has a history of business leaders driving outcomes,” Bostic said. “This community has been very good to me. I’m looking forward to many more years of good company, good work and progress for the city and the region.”
Note to readers: Thanks to Raphael Bostic and others, the nonprofit Atlanta Way 2.0 is committed to helping elevate the conversation about economic mobility in the Atlanta region. SaportaReport and Atlanta Way 2.0 will continue to shine a spotlight on the work that’s underway and offer opportunities for people to become engaged.
Lets talk about credit expansion from the “red-hot” housing market, driven by artificially low interest rates. Have to say Bostic was one of the few voices of reason voting to raise rates but still, the federal reserve will be identified as the institution that blew the hot-air-balloon sized bubble that is currently popping.
I bet Donald Duck will aggressively push for lower rates. In my opinion Bostic is just dodging the mathemetecally inevitable greater depression headed our way.