Raphael Bostic

President and Chief Executive Officer

Dr. Raphael W. Bostic is president and chief executive officer of the Federal Reserve Bank of Atlanta. He is a participant on the Federal Open Market Committee, the monetary policymaking body of the Federal Reserve System.
Photo of Raphael Bostic

Message from the President

My colleagues and I at the Federal Reserve Bank of Atlanta remain fully committed to fulfilling our public service mission during these challenging times. The spread of the coronavirus has affected us all. We are most concerned about those who are suffering from the virus and our thoughts are with them and their loved ones.

As you know, the Federal Reserve has taken a number of actions in recent weeks to help American families and businesses through these difficult times. I fully support these actions and want to assure you that the Atlanta Fed is doing its part. Please know that we are prepared for contingencies that may affect our operations and will address any challenges that arise.

I've instructed my staff to follow the guidance shared by public health officials to limit the spread of the virus. We have therefore temporarily suspended public access to our facilities and initiated remote work arrangements for employees who can perform their duties from home. In addition, we have taken several steps to ensure that staff who remain on-site are protected from exposure. We have gone to great lengths to maintain our normal high level of security in all our facilities so that we can continue to fulfill our mission.

The necessary steps that businesses, schools, and other organizations throughout the country have taken to protect people's health will have an impact on our economy. It is too early to assess the extent of this impact, but my staff and I are actively engaged in trying to find out. We are reaching out to business and community leaders throughout the region so we can begin to investigate the impact on families and businesses in the Sixth District.

On a more personal note, please take care of yourself, your family, your friends, and your neighbors—especially those most vulnerable—throughout the duration of this public health emergency.

Raphael Bostic

Biography

Dr. Raphael W. Bostic took office June 5, 2017, as the 15th president and chief executive officer of the Federal Reserve Bank of Atlanta. He is responsible for all the Bank's activities, including monetary policy, bank supervision and regulation, and payment services. He is a participant on the Federal Open Market Committee, the monetary policymaking body of the Federal Reserve System.

From 2012 to 2017, Bostic was the Judith and John Bedrosian Chair in Governance and the Public Enterprise at the Sol Price School of Public Policy at the University of Southern California (USC).

He arrived at USC in 2001 and served as a professor in the School of Policy, Planning, and Development. His research has spanned many fields, including home ownership, housing finance, neighborhood change, and the role of institutions in shaping policy effectiveness. He was director of USC's master of real estate development degree program and was the founding director of the Casden Real Estate Economics Forecast.

Bostic also served USC's Lusk Center for Real Estate as the interim associate director from 2007 to 2009 and as the interim director from 2015 to 2016. From 2016 to 2017, he was the chair of the center's Governance, Management, and Policy Process department.

From 2009 to 2012, Bostic was the assistant secretary for policy development and research at the U.S. Department of Housing and Urban Development (HUD). In that role, he was a principal adviser to the secretary on policy and research, helping the secretary and other principal staff make informed decisions on HUD policies and programs, as well as on budget and legislative proposals.

Bostic worked at the Federal Reserve Board of Governors from 1995 to 2001, first as an economist and then a senior economist in the monetary and financial studies section, where his work on the Community Reinvestment Act earned him a special achievement award. He served as special assistant to HUD's assistant secretary of policy development and research in 1999. He was also a professional lecturer at American University in 1998.

Bostic was born in New York City in 1966 and grew up in Delran, New Jersey. He graduated from Harvard University in 1987 with a combined major in economics and psychology. He earned his doctorate in economics from Stanford University in 1995.

He has previously served on many boards and advisory committees, including the California Community Reinvestment Corporation, Abode Communities, NeighborWorks, the National Community Stabilization Trust, the Urban Land Institute, the Consumer Financial Protection Bureau, the American Real Estate and Urban Economics Association, the National Economic Association, and Freddie Mac.

The Federal Reserve Bank of Atlanta serves the Sixth Federal Reserve District, which covers Alabama, Florida, and Georgia, and parts of Louisiana, Mississippi, and Tennessee. The Bank has branches in Birmingham, Jacksonville, Miami, Nashville, and New Orleans.

Updated January 30, 2019

Speeches/Remarks

6/30/2020 2:00:00 PM
Atlanta Fed president Raphael Bostic was a panelist on the National Association of Business Economists' Race, Mobility, and Fairness in the U.S. Economy webinar. Bostic was joined by Neel Kashkari, president and CEO of the Minneapolis Fed; Darrick Hamilton, executive director of the Kirwan Institute for the Study of Race and Ethnicity and a professor in the John Glenn College of Public Affairs of the Ohio State University; and Marie Mora, professor and provost/executive vice chancellor for academic affairs at the University of Missouri–St. Louis. Nela Richardson, principal and investment strategist at Edward Jones, moderated the panel.
6/25/2020 11:00:00 AM
Atlanta Fed president Raphael Bostic spoke during the Florida Chamber"s "Florida's Economic Relaunch: What's Next" webinar about the Federal Reserve's actions and continued response to the COVID-19 pandemic as well as the current state of the economy. He also took live questions. Listen to the audio or read the transcript.
6/25/2020 10:00:00 AM
On a CFA Society of Orlando podcast, President Bostic discusses what it was like to be in the room when the Fed took unprecedented steps to support the U.S. economy when the COVID-19 crisis hit, what part of the economy he is most worried about right now, and why we all benefit from improving economic mobility. The CFA Society of Orlando is a chapter of the CFA Institute, which is a global nonprofit member organization of financial analysts, portfolio managers, and other investment professionals.
5/27/2020 11:00:00 AM
Atlanta Fed president Raphael Bostic participated in a webinar discussing the results of this nationwide survey of nonprofit organizations, financial institutions, government agencies, and other community organizations. The survey was conducted in April 2020 with nearly 3,900 respondents serving rural, suburban, and urban communities. Bostic was joined by Atlanta Fed vice president of community and economic development, Karen Leone de Nie, and her counterpart at the St. Louis Fed, Daniel Davis.
5/21/2020 3:30:00 PM
Atlanta Fed president Raphael Bostic was interviewed on CNBC's Closing Bell about the Federal Reserve's response to COVID-19, monetary policy, and the economic outlook.

Community Conversations

5/20/2020 1:00:00 PM
Atlanta Fed president Raphael Bostic spoke at a meeting of the JAXUSA Partnership about the Federal Reserve's actions and continued response to the COVID-19 pandemic, and also took live questions. Watch the video.
5/18/2020 10:00:00 AM
Atlanta Fed president Raphael Bostic spoke at a meeting of the Nashville Chamber's Partnership 2030 Lead Cabinet about the Federal Reserve's responses to the COVID-19 pandemic, and also took live questions.
5/14/2020 10:00:00 AM
Atlanta Fed president Raphael Bostic spoke to the Georgia Grantmakers Alliance about the Federal Reserve's actions in response to the pandemic, and also about the roles philanthropy can play in achieving an equitable economic recovery. Watch the video.
5/11/2020 2:00:00 PM
Atlanta Fed president Raphael Bostic spoke during the weekly Rotary Club of Atlanta meeting on May 11, 2020, and answered questions from moderator Stephanie Blank, Rotary program chair. Watch the video. Bostic's remarks begin approximately at 5:30.
5/7/2020 2:00:00 PM
Atlanta Fed president Raphael Bostic spoke to the South Florida Business Council about the current state of the economy and the Federal Reserve's efforts to support an economic recovery.

Publications

Bostic, Raphael W. April 18, 2020. "Opinion: Fed's Working to Aid Economy, Post-Pandemic Recovery." Atlanta Journal-Constitution.

Bostic, R. and Johnson, M. January 15, 2020. "BankThink: How to keep community banks thriving." American Banker.

Boarnet, M. G.; Bostic, R. W.; Rodnyansky, S.; Burinskiy, E.; Eisenlohr, A.; Jamme, H.; and Santiago-Bartolomei, R. 2020. "Do High Income Households Reduce Driving More When Living near Rail Transit?" Transportation Research Part D: Transport and Environment 80.

Bostic, R. W.; Jakabovics, A.; Voith, R.; and Zielenbach, S. 2019. "Mixed-Income LIHTC Developments in Chicago: A First Look at Their Income Characteristics and Spillover Impacts." In What Works to Promote Inclusive, Equitable Mixed-Income Communities, edited by Mark L. Joseph and Amy T. Khare, cluster #1, section A, no. 6.

Boarnet, M. G.; Bostic, R. W.; Burinskiy, E.; Rodnyansky, S.; and Prohofsky, A. 2018. "Gentrification near Rail Transit Areas: A Micro-Data Analysis of Moves into Los Angeles Metro Rail Station Areas." Research Reports, University of California National Center for Sustainable Transportation.

Bostic, R. W. and Molaison, D. Forthcoming. "Hurricane Katrina: Devastation, Possibilities and Prospects." In Economic and Risk Assessment of Hurricane Katrina, University of Southern California Center for Risk and Economic Analysis of Terrorism Events.

Bostic, R.; Kim, A.; and Valenzuela, A. 2016. "An Introduction to the Special Issue: Contesting the Streets 2: Vending and Public Space in Global Cities." Cityscape 18(1): 3–10.

Bostic, R. W. and Ellen, I. G. 2014. "Introduction: Special Issue on Housing Policy in the United States." Journal of Housing Economics 24: 1–3.

Bostic, R. 2014. "CDBG at 40: Opportunities and Obstacles." Housing Policy Debate 24(1): 297–302. doi:10.1080/10511482.2013.866973.

Bostic, R. W. 2014. "Resilient Economic Development: Challenges and Opportunities." In University of Illinois Chicago Urban Forum, edited by M. Pagano. University of Illinois Press.

Bostic, R. W. and McFarlane, A. 2013. "The Proposed Affirmatively Furthering Fair Housing Regulatory Impact Analysis." Cityscape: A Journal of Policy Development and Research 15(3): 257.

Bostic, R. W.; Thornton, R. L.; Rudd, E. C.; and Sternthal, M. J. 2012. "Health in All Policies: The Role of the U.S. Department of Housing and Urban Development and Present and Future Challenges." Health Affairs 31(9): online.

Graddy, E., with Bostic, R. W. 2010. "The Role of Private Agents in Affordable Housing Policy." Journal of Public Administration Research and Theory 20, special issue: 81–99.

Bostic, R.; Gabriel, S.; and Painter, G. 2009. "Housing Wealth, Financial Wealth, and Consumption: New Evidence from Micro Data." Regional Science and Urban Economics 39(1): 79–89.

Bostic, R. W., with Engel, K.; McCoy, P.; A. Pennington-Cross; and Wachter, S. 2008. "State and Local Anti-Predatory Lending Laws: The Effect of Legal Enforcement Mechanisms." Journal of Economics and Business 60(1–2): 47–66.

An, X. and Bostic, R. W. 2008. "GSE Activity, FHA Feedback, and Implications for the Efficacy of the Affordable Housing Goals." Journal of Real Estate Finance and Economics 36(2): 207–31.

An, X.; Bostic, R. W.; Deng, Y.; and Gabriel, S. 2007. "GSE Loan Purchases, the FHA, and Housing Outcomes in Targeted, Low-Income Neighborhoods." In Brookings-Wharton Papers on Urban Affairs, edited by G. Burtless and J.R. Pack. Brookings Institute Press.

Sloane, D. C., with Bostic, R. W. and Lewis, L. B. 2007. "The Neighborhood Dynamics of Hospitals as Land Owners." Lincoln Land Institute publication.

Bostic, R. W., with Longhofer, S. D. and Redfearn, C. 2007. "Land Leverage: Decomposing Home Price Dynamics." Real Estate Economics 35 (2): 183–208.

Bostic, R. W. and Prohofsky, A. 2006. "Enterprise Zones and Individual Welfare: A Case Study of California." Journal of Regional Science 46 (2): 175–203.

Bostic, R. W. and Gabriel, S. A. 2006. "Do the GSEs Matter to Low-Income Housing Markets? An Assessment of the Effects of GSE Loan Purchase Activity on California Housing Outcomes." Journal of Urban Economics 59: 458–75.

Black, H.; Bostic, R. W.; Robinson, B.; and Schweitzer, R. 2005. "Do CRA-Related Events Affect Shareholder Wealth? The Case of Bank Mergers." The Financial Review 40(4): 575–86.

Bostic, R. W. with Robinson, B. 2004. "Community Banking and Mortgage Credit Availability: The Impact of CRA Agreements." Journal of Banking and Finance 28: 3069–95.

Bostic, R. W., with Calem. P. S. and Wachter, S. M. 2004. "Hitting the Wall: Credit as an Impediment to Homeownership." In Building Assets, Building Credit: Creating Wealth in Low-Income Communities, edited by N. Retsinas and E. Belsky. Joint Center for Housing Studies and Brookings Institution Press.

Bostic, R. W., with Redfearn, C. 2004. "Book Review [The Color of Credit: Mortgage Discrimination, Research Methodology and Fair Lending Enforcement, by Stephen L. Ross and John Yinger]." Journal of Regional Science 44(1):162–65.

Bostic, R. W., with Aaronson, D.; Huck, P.; and Townsend, R. 2004. "Supplier Relationships and Small Business Use of Trade Credit." Journal of Urban Economics 55(1): 46–67.

Bostic, R. W., with Barakova, I.; Calem, P.; and Wachter, S. 2003. "Does Credit Quality Matter for Homeownership?" Journal of Housing Economics 12(4): 318–36.

Bostic, R. W. 2003. "A Test of Cultural Affinity in Home Mortgage Lending." Journal of Financial Services Research 23(2): 89–112.

Bostic, R., with Robinson, B. 2003. "Do CRA Agreements Increase Lending?" Real Estate Economics 31(1): 23–51.

Bostic, R. W., with Calem, P. S. 2003. "Privacy Restrictions and the Use of Data at Credit Repositories." In Credit Reporting Systems and the International Economy, edited by Margaret J. Miller. Boston: MIT Press.

Bostic, R. W., with Martin, R. 2003. "Black Homeowners as Gentrifying Force? Neighborhood Dynamics in the Context of Minority Homeownership." Urban Studies 40(12).

Bostic, R. W. 2002. "Equal Access to Credit." In 25 Years of Credit Research, edited by Mike Staten. Washington, DC: Georgetown University Press.

Bostic, R., with Canner, G. B. 2000. "Consolidation in Banking: How Recent Changes Have Affected the Provision of Banking Services." The Neighborworks Journal.

Bostic, R., with Avery, R. B. and Canner, G. B. 2000. "Highlights of a Survey of the Performance and Profitability of CRA-Related Lending." Housing America Update.

Bostic, R., with Avery, R. B. and Canner, G. B. 2000. "CRA Special Lending Programs." Federal Reserve Bulletin 86: 711–31.

Bostic, R., with Avery, R. B.; Calem, P. S.; and Canner, G. B. 2000. "Credit Scoring: Statistical Issues and Evidence from Credit Bureau Files." Real Estate Economics 28: 523–47.

Bostic, R., with Canner, G. B. 1998. "New Information on Small Business and Small Farm Lending: The 1996 CRA Data." Federal Reserve Bulletin 84(1): 1–21.

Bostic, R., with Avery, R. B. and Samolyk, K. A. 1998. "The Role of Personal Wealth in Small Business Finance." Journal of Banking and Finance 22: 1019–61

Other Fed Work

Blog Posts

Raphael Bostic. "Quantitative Frightening?," macroblog. January 16, 2019.

Raphael Bostic. "What Does the Current Slope of the Yield Curve Tell Us?," macroblog. August 23, 2018.

Raphael Bostic. "Thoughts on a Long-Run Monetary Policy Framework" macroblog series:
"Framing the Question." March 26, 2018.
"Part 2: The Principle of Bounded Nominal Uncertainty." March 27, 2018.
"Part 3: An Example of Flexible Price-Level Targeting." March 28, 2018.
"Part 4: Flexible Price-Level Targeting in the Big Picture." April 2, 2018.

Interviews

Raphael Bostic. "A Big-Picture Look at the Economy. video file" ECONversations. February 21, 2018.

Economy Matters Podcast Episodes podcast

2020

Raphael Bostic (interviewer) and Anthony Orlando. "'These Local Problems Do Have Some National Solutions': A Conversation about Inequality." February 27, 2020.

Raphael Bostic (interviewer) and James Fallows. "Wings over America: A Conversation with Author James Fallows." . January 2, 2020.

2019

Raphael Bostic (interviewer) and Alessandro Acquisti. "Speaking Publicly on Privacy: A Conversation about Digital Privacy." April 2, 2019.

Raphael Bostic (interviewer) and Jerome Adams. "Health Is Wealth": A Conversation with the U.S. Surgeon General." January 3, 2019.

Raphael Bostic (interviewer) and Raj Chetty. "'A Kid Should Have a Fair Shot': A Discussion of Economic Mobility." October 22, 2018.

Raphael Bostic (interviewer) and David Lusk. "'It's a Really Dramatic Change': A Discussion of the Economics of Food." October 12, 2018.

Raphael Bostic. "'It's a Special Job': A Conversation with Atlanta Fed President Raphael Bostic." April 27, 2018.