the head of its search committee said in an interview with Bloomberg on Tuesday.

Gregory Hale, chairman of the Atlanta Fed's board of directors, said the committee is ensuring candidates understand the value of Fed independence and can make decisions in the long-term interests of the nation. The search follows a year in which President Donald Trump demanded lower interest rates and attempted to fire at least one politician.

Raphael Bostic's term as Atlanta Fed President expired at the end of February after he decided not to seek another five-year term. The Atlanta Fed is conducting a nationwide search, not limiting itself to candidates residing in the district.

The bank rejects a proposal by Trump's economic advisers that regional presidents be selected from residents of each district. Hale said the search committee wants to keep the door as open as possible and avoid excluding anyone from the process.

The most important criterion from the search committee's perspective is the priority of someone who will work to understand the diverse communities and businesses in the district, Hale said.