This is Karen Hunter and welcome to the hub. And I saw this guy in an article and I was like there's a black president of a

Federal Reserve Bank in America. Well he is the first black president of a

Federal Reserve Bank in America and it's in Atlanta.

Let me welcome to the show for the first time.

Mr. Raphael Bostick, welcome to the Karen Hunter Show.

Thank you. It's really good to be here.

I was reading about you and I said, man, how does a person become?

Explain to some people.

I've been studying this because my dad was in into money and

stuff so we had these conversations about a bunch of stuff that I can't talk about

on the air but one of them was the Federal Reserve Bank and you know he was

explaining to me that this is not a government entity.

The Federal Reserve Bank operates in its own silo but you impact America's interest rates and a host of other things so we can't operate financially without

the Federal Reserve but you aren't elected by us per se. Talk about how

this functions this entity over here that is not part of our government.

So first of all, thank you for having me.

It's good to be here.

I'm really glad to have an opportunity to talk about the Fed

because it is an important institution

and it's one that people don't understand.

When I talk about the history of the Fed, the first thing I do is talk about Alexander

Hamilton. So if you all have seen Hamilton, you know there was an argument that they had back in the 1700s about whether the Central Bank for the country should be centralized in Washington, D.C. or whether it should be decentralized out in the state.

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