Tag: Federal Reserve Bank

USC Professor Raphael Bostic Named 1st African American President of a Federal Reserve Regional Bank

Raphael Bostic (photo via latimes.com)

article by Jim Puzzanghera via latimes.com

USC professor Raphael Bostic made history on Monday when he was named president of the Federal Reserve Bank of Atlanta, becoming the first African American to lead one of the Fed’s 12 regional banks. The choice of Bostic, 50, director of the Bedrosian Center on Governance at USC’s Sol Price School of Public Policy, comes after members of Congress and advocacy groups have sharply criticized the central bank for a lack of diversity.

They had pushed for a diverse choice to head the Atlanta region, in part because it has a large African American population. Bostic acknowledged the significance of his appointment, which he said “is a very big deal” that made him the answer to a “Jeopardy” question.

“It’s not lost on me that I …am the first African American to lead a Federal Reserve institution,” he said in a short video released by the Atlanta Fed. “It’s kind of daunting. It’s an overwhelming thought. It’s a tremendous privilege.” “I look forward to this being a stepping stone for many others to have this opportunity as well,” Bostic said.

Rep. Maxine Waters (D-Los Angeles), who was among four prominent African American House members who urged a diverse choice for the Atlanta position, hailed Bostic as an “outstanding choice” and called his selection a “long-awaited first step towards building diversity among the Federal Reserve’s senior leadership.”

Bostic’s appointment was approved by the Atlanta Fed’s board of directors and the Board of Governors in Washington. He will take over on June 5, succeeding Dennis Lockhart, who announced his resignation in September and stepped down on Feb. 28.

The job involves overseeing about 1,700 employees in the Atlanta region — Alabama, Florida, Georgia and parts of Louisiana, Mississippi and Tennessee — and participating in monetary policy deliberations in Washington.

To read full article, go to: USC professor named first African American president of a Fed regional bank – LA Times

Brooklyn Prosecutor Loretta Lynch to be Nominated U.S. Attorney General

President Obama on Saturday will name Loretta Lynch, the U.S. attorney in Brooklyn, to replace Atty. Gen. Eric H. Holder Jr., according to a source familiar with the process. Lynch would be the first African-American woman to serve as the nation’s top law enforcement official.  She would follow Holder, the first African-American attorney general. Holder has said he will stay on until his successor is confirmed.

Lynch, 55, is a longtime federal prosecutor who has the unusual distinction of serving in her current job twice: She was U.S. attorney for two years under President Clinton, and was disappointed that she was not reappointed by President George W. Bush. Obama reappointed her in 2010.

In contrast to other U.S. attorneys in New York, Lynch has shunned the limelight, rarely giving news conferences or interviews.

For that reason she is a relative unknown outside her district. But she came to prominence in New York in the late 1990s as the supervisor of the team that successfully prosecuted two police officers for the sexual assault with a broomstick of Haitian immigrant Abner Louima. Three other officers were acquitted.

Lynch grew up in Greensboro, N.C., the daughter of a Baptist minister and a school librarian. She graduated from Harvard College and Harvard Law School.  Lynch has solid liberal credentials, having been associated with the Legal Aid Society in New York and the Brennan Center for Justice, named for former Supreme Court Justice William J. Brennan, Jr., a liberal lion.

But she has establishment credentials as well, including serving on the board of directors of the Federal Reserve Bank of New York.

Her low profile should make her potential confirmation easier than for some other candidates for the job, such as Labor Secretary Tom Perez, who drew repeated criticism from Republicans when he ran the Justice Department’s Civil Rights Division.

article by Timothy M. Phelps and Michael A. Memoli via latimes.com