There are only a dozen jobs like it in the U.S. and one of them is vacant. It鈥檚 a job that next year will help decide the direction of interest rates, affecting mortgages, car loans and business borrowing.
The Federal Reserve Bank of Atlanta is in the throes of a job search, looking for its next president.
鈥淭his is one of the most important public service positions in the United States,鈥� said Gregory Haile, chairman of the bank鈥檚 board of directors. Haile is leading the search committee to find a successor to Raphael Bostic who retired in February after nine years in the position.
The most public role of the job will be to sit on the Federal Open Market Committee in 2027. That group sets the bank鈥檚 monetary policy and short-term interest rate. Most regional Federal Reserve Bank presidents rotate through the committee and the Atlanta-based president鈥檚 turn is next up next year.
鈥溾�奧e are seeing the pace of change like we have never seen in our lifetimes. And with that comes the need to have someone with agility and thinking,鈥� said Haile in describing what the search committee is looking for in a new leader. Haile is the former president of Broward College.
The central bank has been a favorite target of criticism from President Donald Trump.
The Justice Department began a criminal probe into an expensive renovation of the bank鈥檚 headquarters in Washington, D.C. A federal prosecutor admitted in a sealed hearing the agency did not have evidence of criminal wrongdoing, according to the Washington Post.
Trump tried to fire Federal Reserve Board Governor Lisa Cook. Lower courts blocked his effort. The Supreme Court is now considering whether Trump has the power to remove a Fed governor from their position. And the president has long complained that the Fed is not lowering interest rates faster.
Haile said the relationship between the Fed and the White House has 鈥渞eally encapsulated the need to make sure that we have the next president who's focused on evidence.鈥�
The agency often says it is 鈥渄ata dependent鈥� when forecasting the direction and level of borrowing rates, meaning it aims to insulate its decisions from politics.
Complicating the president鈥檚 efforts to influence the agency is how it's organized. The Federal Reserve Board of Governors is separate from the leaders of the Fed鈥檚 regional banks, like the Federal Reserve Bank of Atlanta. The regional bank leaders answer to independent boards of directors, not the White House. The Board of Governors, which is appointed by the president, must approve the regional bank presidents chosen by their regional board of directors.
It鈥檚 meant to create independence and allow the regional bosses to be responsive to economic conditions in their districts.
The Federal Reserve has two goals, often called its dual mandate: low inflation and full employment.
The war in Iran and subsequent jump in energy prices makes that job tricky. Gasoline prices have jumped 37% in the past month in Florida as oil prices have spiked in response to the war and Iran effectively closing the Strait of Hormuz, through which 20% of the world鈥檚 oil supply flows.
The sharp increase will show up in monthly inflation data, which will be released next week. The higher prices highlight one of the key challenges the next regional bank boss will face 鈥� a widening wealth gap, especially in Florida.
鈥溾�奍t's the realities around the diversity of income,鈥� said Haile. 鈥淐hallenges that come with those on the lower level of the income spectrum and making sure that that's top of mind.鈥�
The bank鈥檚 former president, Bostic, is an economist who focused on housing policy and racial disparities with regards to access to capital.
READ MORE: Regional head of Federal Reserve Bank still worries inflation is 'too high'
鈥淚n the southeast United States, we've seen a tremendous amount of growth in human capital and in wealth, which have been really unlike anything the rest of the country has seen,鈥� Haile said. 鈥淭hat'll be critical for the next president to be able to grasp and navigate.鈥�
The Atlanta-based Fed is responsible for parts of six states, including all of Florida.
Haile does not have a timeline for filling the job. 鈥淲e are not willing to trade pace for the outcome,鈥� he said. 鈥淭he most important thing that we will do is get the very best person for this seat regardless of the time.鈥�
Cheryl Venable, who has spent her career with the Federal Reserve System, is the interim regional president. She has been chief operating officer since 2024.
