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News – May/June 2017

Beyonce Announces Formation College Scholarships for Women

To add to the celebration of the one-year anniversary of her Lemonade album,
Beyoncé Knowles-Carter announces the establishment of Formation Scholars awards for the
2017-2018 academic year, to encourage and support young women who are unafraid to think outside the box and are bold, creative, conscious and confident. Four scholarships will be awarded, one per college, to female incoming, current or graduate students pursuing studies in creative arts, music, literature or African-American studies.
The schools selected for participation are Berklee College of Music, Howard University, Parsons School of Design and Spelman College. All details and application deadlines are available directly from the colleges.


Co-Chairs Named for June 11th LGBT March on Washington

Co-Chairs for the June 11th LGBT March on Washington have been officially announced, and they include a diverse representation within the LGBT community. This will be the sixth occurrence of a national LGBT event of this nature in Washington. Previous events were held in 1979, 1987, 1993, 2000, and 2009. The list of co-chairs includes Anika Simpson Ph.D., Founding Coordinator, Women’s and Gender Studies Program at Morgan State University; Ashley Smith, Board Member for both The Capital Pride Alliance, and the Human Rights Campaign Foundation; and Elle Hearns, Executive Director of The Marsha P Johnson Institute.


Raphael Bostic Makes History as New President of Atlanta Federal Reserve Bank

Raphael W. Bostic will become the 15th president and chief executive officer of the Federal Reserve Bank of Atlanta effective June 5, 2017. Bostic becomes the first African American to hold this position. “We are very pleased that Raphael will join the Atlanta Fed as its president and chief executive officer,” said board chairman, Thomas Fanning, who is also chairman, president and chief executive officer of Southern Company. “He is a seasoned and versatile leader, bringing with him a wealth of experience in public policy and academia. Raphael also has significant experience leading complex organizations and managing interdisciplinary teams. He is a perfect bridge between people and policy.”


Bostic is currently the Judith and John Bedrosian Chair in Governance and the Public Enterprise at the Sol Price School of Public Policy at the University of Southern California (USC), a position he has held since 2012.

Commenting on his selection, Bostic said, “The Reserve Banks are vital contributors to our nation’s economic and financial success. I’m excited about the opportunity to work with the Bank’s well-respected staff in advancing the excellent reputation this organization has built over many years. In my role as president of the Atlanta Reserve Bank, I also look forward to confronting the challenges the Federal Reserve faces in today’s increasingly global and rapidly changing economy.”

Bostic was born in 1966 and grew up in Delran, New Jersey. A high school valedictorian, he graduated from Harvard University in 1987 with a combined major in economics and psychology—disciplines he believes are intimately interrelated. After a brief stint in the private sector, Bostic earned his doctorate in economics from Stanford University in 1995.

Bostic serves as a board member of Freddie Mac, the Lincoln Institute of Land Policy and Abode Communities. He is a fellow of the National Association of Public Administration, vice president of the Association of Public Policy and Management, a member of the board of trustees of Enterprise Community Partners, and a research advisory board member of the Reinvestment Fund.

As president of the Atlanta Fed, Bostic will lead one of the 12 regional Reserve Banks that, with the Board of Governors, make up the Federal Reserve System, the nation’s central bank. The Atlanta Fed is responsible for the Sixth Federal Reserve District, which encompasses Alabama, Florida and Georgia and portions of Louisiana, Mississippi and Tennessee. As its key functions, the Atlanta Fed participates in setting national monetary policy, supervises numerous banking organizations and provides a variety of payment services to financial institutions and the U.S. government. Bostic will have overall responsibility for these functions and will represent the Sixth Federal Reserve District at meetings of the Federal Open Market Committee, the policymaking body within the Federal Reserve that sets monetary policy for the nation.