The search process for the next president of the Federal Reserve Bank of Atlanta was reset following Kevin Warsh's ascension to chairman of the U.S. central bank, according to a CNBC report citing unnamed sources. The exact scope of changes to the process or the pool of candidates under consideration remains unclear.
Sources familiar with the search told Reuters that the process was nearing completion in the spring, but a decision was made to postpone the hiring until after Chairman Warsh was sworn in, allowing him to review any potential candidate. While regional Fed bank presidents are selected by their local boards of directors, their appointments require approval from the Board of Governors in Washington.
The Atlanta Fed did not offer direct comment but forwarded a statement from its board chair, Gregory Haile. Haile stated that the committee is conducting a thorough and deliberate search to select the best candidate for the Sixth District, emphasizing the protection of the process's integrity and promising relevant updates when appropriate. The Federal Reserve Board in Washington declined to comment.
The search to succeed former Atlanta Fed President Raphael Bostic, who retired on February 28, has become particularly significant amid the Trump administration's efforts to exert influence over the Federal Reserve and monetary policy. This context includes past actions such as the attempted firing of Fed Governor Lisa Cook and pressure through a now-dropped criminal investigation of former Chair Jerome Powell.
Regional Fed bank presidents play a crucial role by voting on interest rate policy and overseeing research into economic conditions across the country. Their selection process, which differs from the presidential appointments and Senate confirmations for the Board of Governors, is considered vital for the Fed's political independence and as a conduit for economic information. Any attempt by the White House or Treasury Department to influence these regional appointments would represent a departure from a system that has largely operated outside of intense Washington political battles and is designed to act as a check on centralized power. Treasury Secretary Scott Bessent had previously voiced interest in the appointment of regional presidents, suggesting the implementation of a residency requirement.