ATLANTA — President of Federal Reserve Bank of Atlanta, Raphael Bostic, is retiring at the end of his current term in February, opening up a new seat on the Fed’s interest-rate setting committee.

Bostic serves on the committee that decides key short-term interest rates.

Bostic who is 59 and the first Black, openly gay person to lead a regional Fed bank, occupied the position since 2017.

President Trump has repeatedly attacked the Fed this year for not cutting interest rates as quickly as he would prefer.

In a press release from the Federal Reserve Bank of Atlanta, Bostic said of his term as president: “It’s been my distinct honor and privilege to lead the Atlanta Fed for these past eight and a half years. I feel incredibly fortunate to have worked with the Atlanta Fed’s outstanding staff to fulfill the Federal Reserve’s mission and serve the Sixth District and the American people. I’m proud of what we accomplished during my tenure to turn the lofty goal of an economy that works for everyone into more of a reality, and I look forward to discovering new ways to advance that bold vision in my next chapter.”

Bostic is scheduled to deliver a speech Wednesday at the Atlanta Economic Club.