Dean’s Message: Raphael Bostic named president of Federal Reserve Bank of Atlanta
Dear Price Community:
I am proud to congratulate Professor Raphael Bostic, on his selection as president of the Federal Reserve Bank of Atlanta. While this is a loss to our school, it is a significant gain for the Federal Reserve, given Raphael’s combination of policy experience, government service, and his distinguished academic record.
Raphael currently serves as the chair of the Department of Governance, Management and the Policy Process. He joined the Price School as a professor in 2001 after working at the Federal Reserve Board of Governors in Washington, D.C. Raphael has made an indelible imprint on the leadership and scholarship here at the Price School and at USC. His research has shed light on the challenge of creating affordable housing, discrimination in the rental market, how institutions influence policy and other important social and economic issues. He has served as director of USC’s Master of Real Estate Development degree program and was founding director of the Casden Real Estate Economics Forecast.
From 2009 to 2012, Raphael took a leave of absence from Price to work in the Obama Administration as Assistant Secretary for Policy Development and Research at the U.S. Department of Housing and Urban Development (HUD). During his tenure in this Senate confirmed position, he served as principal advisor to the Secretary on policy and research and led a team of 150.
After returning to Price, he served as director of the Judith and John Bedrosian Center on Governance and the Public Enterprise and was appointed to the Bedrosian Endowed Chair in Governance. During his tenure, the Bedrosian Center supported research on governance issues, established itself as a prominent voice in policy discussions at the federal, state, and local levels, and expanded the School’s presence in serving the community through programs that demonstrate the relevance and importance of governance for everyone.
Raphael’s return to public service is more than a prestigious appointment. He is making history as the first African-American to be named president of one of the 12 Federal Reserve banks. He is also stepping into his new role at a politically volatile time. Interest rates are poised to be raised as the economy recovers from the recession, and he will be part of the critical discussions and decisions made to maintain a robust economy. His achievements and expertise make him an excellent choice for his new position.
While we are sorry to see Raphael go, we are grateful for all he has done for the Price School and USC, and wish him the best in his new role beginning in June.
Jack H. Knott, Dean