The Board of the Atlanta Federal Reserve has initiated the search for the next president

After the news that current Chairman Bostic will retire at the end of February, the Atlanta Federal Reserve Board has initiated the process of finding the next chairman.

According to the Federal Reserve Act, regional Federal Reserve Bank presidents are elected by Class B and Class C directors of the bank, which are those directors not affiliated with regulated financial institutions, and the final candidate must be approved by the Board of Governors of the Federal Reserve in Washington.

The Atlanta Fed president will become a voting member of the Federal Open Market Committee (FOMC), responsible for setting interest rates, in 2027. (Jin Shi)