Obama fellow traveler scheduled to be appointed president of one of the vitally important 12 US Federal Reserve Banks!

How could the Republicans allow this man to rule over one of the nations 12 Federal Reserve Banks and thus render years of decisions that follow the destructive philosophy of the Democratic Left!

Atlanta Fed Considering Raphael Bostic as Next President

By NICK TIMIRAOS
Wall Street Journal

March 7, 2017

Raphael Bostic scheduled to be appointed as president of the Atlanta Federal Reserve Bank. It could be announced in the coming weeks, according to a person familiar with the discussions.

If he is appointed to the post,  Raphael Bostic, a professor of public policy at the University of Southern California in Los Angeles, would become the first African-American president of one of the Fed’s 12 regional banks.

A spokeswoman for the Atlanta Fed said the process of selecting a new president “is still ongoing.” A spokeswoman for the Fed’s Board of Governors in Washington declined to comment. Mr. Bostic declined to comment.

Mr. Bostic’s appointment could be announced in the coming weeks, said one person familiar with the discussions. Dennis Lockhart resigned as the Atlanta Fed’s president at the end of February.

The Fed has been under growing pressure from lawmakers and activists to improve the diversity of its leadership. Of the central bank’s 16 governors and bank presidents, 15 are white, 12 are men and 10 have a Ph.D. in economics. None are black or Hispanic.

Minneapolis Fed President Neel Kashkari is the son of Indian immigrants. Three African-Americans have served on the Fed’s Board of Governors in its 104-year history.

Last fall, a group of African-American lawmakers wrote to Fed Chairwoman Janet Yellen urging the central bank to consider candidates of diverse backgrounds for the Atlanta Fed post.

Mr. Bostic, 50 years old, served from 2009 to 2012 as assistant secretary for policy development and research at the Department of Housing and Urban Development, a position that required Senate confirmation.

He has been at USC since 2001 and is chair of the department on governance, management and the policy process at the Sol Price School of Public Policy. He was director of USC’s Master of Real Estate Development degree program and the founding director of the Casden Real Estate Economics Forecast.

Mr. Bostic worked as a staff economist and senior economist in the monetary and financial studies section of the Fed’s board in Washington from 1995 to 2001, where his work on the Community Reinvestment Act earned a special achievement award.

He earned his Ph.D. in economics from Stanford University and completed his undergraduate studies at Harvard University. In 2012, he was chosen by his classmates to serve as chief marshal for commencement exercises.

At HUD, Mr. Bostic was responsible for helping to implement the Obama administration’s housing-rescue programs and to address the dislocation and overhaul of U.S. mortgage markets.

His academic research has focused on wealth, lending and homeownership, particularly in low- and moderate-income families and minority communities. His research has examined ways in which government regulatory policy has and hasn’t achieved desired goals to improve access to credit and savings for lower-income households.

The 12 regional Fed banks are quasi-private, quasi-government institutions overseen by boards of directors drawn from the private sector. The presidents are selected by the directors who aren’t from the financial sector, and the choice is subject to approval by the Fed board in Washington.

The Atlanta Fed district comprises Alabama, Florida, Georgia and parts of Louisiana, Mississippi and Tennessee, an area that has sizable minority populations.

The Fed’s 2015 annual report said the Atlanta Fed top position paid $346,600.

Mr. Bostic has served on the boards of mortgage-finance company Freddie Mac since 2015 and the Lincoln Institute of Land Policy since 2013. He has been a trustee of Enterprise Community Partners, an affordable-housing nonprofit, since 2012.

Write to Nick Timiraos at nick.timiraos@wsj.com

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