Atlanta Fed Resumes Search for New President After Pause for Fed Chairman Transition

The Federal Reserve Bank of Atlanta has resumed its search for a new president. The effort had been underway in the spring but was suspended once it became clear the selection could not finish before Kevin Warsh was sworn in as Fed chairman in late May, Fortune reported. Raphael Bostic stepped down at the end of February.

Candidates interviewed for the post include Rebecca Patterson, a senior fellow at the Council on Foreign Relations; Marc Sumerlin, an economist who served as an economic policy adviser in the George W. Bush administration; and Michael Faulkender, a former deputy Treasury Secretary under Scott Bessent, according to people familiar with the search.

Greg Haile, chair of the Atlanta Fed’s board of directors, said Friday that the committee is conducting a thorough and deliberate search for the next president.

The Atlanta Fed president is scheduled to become a voting member on interest-rate decisions at the start of 2027. The 12 regional Fed presidents participate in meetings on interest-rate decisions, but only five vote in any given year. Regional Fed presidents are selected by their local boards of directors, excluding members who work at financial institutions, and approved by the Fed board.

Treasury Secretary Scott Bessent and White House Economic Council Director Kevin Hassett have publicly discussed requiring regional Fed presidency candidates to have lived in the district for at least three years. The White House and Treasury Department did not reply to a request for comment, and the Federal Reserve declined to comment.

Three of the seven current Fed governors were appointed by President Donald Trump.