On Tuesday, the newly-elected president and CEO of the Federal Reserve Bank of Atlanta, Raphael Bostic, delivered to the Atlanta Press Club his first official speech in his new role. He took office in early June and has already had three policy meetings. He is new to Atlanta and was effusive in his praise of Atlanta’s “Southern hospitality.”
For those who may be unfamiliar with the workings of the Federal Reserve and the Federal Reserve Bank of Atlanta, it plays a few different roles. The Fed’s traditional “dual mandate” is maximizing employment and stabilizing prices. One of the primary methods of doing so is through the Federal Open Market Committee (FOMC) and its setting of monetary policy – mainly by raising or lowering of interest rates for the federal funds rate. The FOMC is composed of the seven members of the Board of Governors and the twelve regional bank presidents, however, only five bank presidents vote at any one time – the president of the New York Fed (overseeing Wall Street) and four others who rotate one-year terms.
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