Raphael Bostic, president of the Federal Reserve Bank of Atlanta, is retiring at the end of his current term in February, opening up a new seat on the Fed’s interest-rate setting committee at a time that President Donald Trump is seeking to exert more control over the central bank.

National Economic Council Director Kevin Hassett said he told President Donald Trump he would accept the nomination to replace Jerome Powell as Fed chair if the job was offered, adding that he would prefer a larger interest-rate cut when policymakers meet in December.