Atlanta Fed Names Cheryl Venable as First VP and COO

The Federal Reserve Bank of Atlanta has a new first vice president and chief operating officer.

Cheryl Venable, who has been with the bank since 1991, will assume her new role Aug. 1, the Federal Reserve announced in a news release Thursday (June 27).

Her most recent position was as chief of payments operations for Federal Reserve Financial Services and as an Atlanta Fed executive vice president, the release said. As first vice president, Venable will be part of the Discount Committee, which reviews district discount window lending, and will serve as backup to the Atlanta Fed president in carrying out monetary policy responsibilities.

She succeeds André T. Anderson, who is set to retire at the end of the month after more than 40 years with the bank, according to the release.

“Cheryl is an exceptionally well-qualified leader whose expertise, experience and strategic vision will serve her well as first vice president and chief operating officer of the Atlanta Fed,” said President Raphael Bostic, who served as chair of the search committee, in the release. “I look forward to partnering with Cheryl to advance the bank’s strategic initiatives, continue to drive our strong commitment to excellence, and work to ensure an economy that works for everyone.”

As head of the bank’s payments operations, Venable managed teams responsible for FedACH, checks, wholesale and the FedNow® Service, per the release.

Her appointment comes as a relatively low inflation rate is providing hope to venture capitalists and economists who have looked to the Fed to lower interest rates.

The central bank kept rates steady at its meeting last month, but new inflation data was seen by many as a positive dynamic that could cause the Fed to consider a cut.

“Our current policy is well positioned to respond as needed to any changes in the economic outlook,” Federal Reserve Governor Lisa Cook said last week. “With significant progress on inflation and the labor market cooling gradually, at some point, it will be appropriate to reduce the level of policy restriction to maintain a healthy balance in the economy.”

She added that “the timing of any such adjustment will depend on how economic data evolve and what they imply for the economic outlook and balance of risks.”