The Board of Directors of the Federal Reserve Bank of Atlanta has selected Raphael Bostic as its new President, succeeding Dennis Lockhart. Bostic, currently a department chair at the University of Southern California, has experience in the Federal Reserve System and as a senior housing policy official in Department of Housing and Urban Development in the Obama Administration.

Housing advocates and CDFI advocates have expressed strong support on social media. Bostic has long been a prominent voice for inclusive housing policies, including CDFI strategies.

Under Lockhart, the Atlanta Fed has increased its work on economic inclusion and CDFIs. That seems likely to continue, if not expand, under Bostic.

Bostic is the first African-American President of a Federal Reserve Bank in the system’s history. There are 12 Federal Reserve Banks in addition to the Federal Reserve Board of Governors.