Raphael Bostic, the newly appointed president and chief executive officer of the Federal Reserve Bank of Atlanta, will resign from his seat on Freddie Mac’s board of directors later this year, the government-sponsored enterprise announced Friday.
The Atlanta Fed recently announced that it chose Bostic to be its new president. That appointment takes effect on June 5, 2017.
Just before Bostic takes over at the Fed, his resignation at Freddie Mac becomes official. According to the GSE, Bostic, who joined the Freddie Mac board in 2015, will officially resign his post on May 31, 2017.
In addition to serving as a board member at Freddie Mac, Bostic also previously served as assistant secretary for policy development and research at the Department of Housing and Urban Development.
At Freddie Mac, Bostic served on the board's Risk Committee and Compensation Committee.
In a statement, Freddie Mac’s chairman of the board, Christopher Lynch, said that Bostic’s short tenure on the board was impactful.
“Raphael has been an insightful and valuable member of Freddie Mac's board of directors,” Lynch said.
“His expertise, experience in public policy matters and passionate interest in access to credit, affordability and other housing issues have been vital to us,” Lynch continued. “Although his tenure on the Freddie Mac board has been brief, our directors recognize his significant contributions, and I am confident he will be an exemplary leader of the Federal Reserve Bank of Atlanta.”
Bostic also spoke highly of his time on Freddie Mac’s board.
“My time on Freddie Mac's board of directors has been very gratifying,” Bostic said.
“It has been a privilege to have contributed to Freddie Mac's progress in becoming a stronger company and in helping to build a better housing finance system,” Bostic added. “I want to thank my fellow board members and the management team and wish the company success going forward.”