CBCF Statement on the Appointment of Raphael Bostic The First African American President of the Federal Reserve Bank of AtlantaMar 31, 2017
WASHINGTON — A. Shuanise Washington, president and CEO of the Congressional Black Caucus Foundation, Incorporated (CBCF), released the following statement on Raphael Bostic’s historic appointment, becoming the first minority president of the Federal Reserve Bank of Atlanta.
“Raphael Bostic’s appointment as the new head of one of the Federal Reserve’s 12 regional banks is an important factor in addressing systemic and institutional factors African American and other minority entrepreneurs often face when trying to access capital, particularly those affected by the nation’s persistent unemployment rate gap.
“The Congressional Black Caucus Foundation, Incorporated (CBCF) has long identified the importance of providing minority firms equal access to capital and the tools they need to be competitive in a global marketplace. In 2015 the CBCF launched the Executive Economic Summit Series to address the disparate and unequal economic challenges black entrepreneurs face by examining policies and investments to improve access to lending funds, grow jobs and nurture innovative minority business development.
“Minority entrepreneurship matters, but when it comes to inclusive economic growth, obtaining fairness and equality is still a problem. Bostic’s expansive knowledge of income inequality, economic opportunity and consumer banking issues coupled with his experience developing key strategies and policy recommendations will be vital to improving the lives and economic futures of all Americans.
“It is in the national interest to promote minority entrepreneurship. However, there are many steps that need to be taken to expand economic opportunities.
“At the CBCF, we remain committed to improving the socioeconomic status of African Americans by fostering the exchange of ideas to influence public policy on social, economic, health and educational disparities.
“The CBCF congratulates Raphael Bostic on his appointment as the new president of the Federal Reserve Bank of Atlanta. We wish him well and look forward to building a partnership that will shatter barriers to advancement and raise the bar of excellence.”