Cheryl Venable assumed the role of interim President and Chief Executive Officer of the Federal Reserve Bank of Atlanta effective 1 March 2026, following the retirement of Raphael Bostic on 28 February after nearly nine years leading one of the twelve regional Reserve Banks that together comprise the Federal Reserve System. Venable, who serves as the Atlanta Fed's First Vice President and Chief Operating Officer, steps into the interim leadership position while the institution conducts a formal nationwide search for a permanent successor, a process that is expected to take several months given the rigorous review the Federal Reserve applies to presidential appointments.
Bostic announced his planned retirement in November 2025, providing the institution with several months to prepare for the change in leadership. His tenure at the Atlanta Fed, which began in June 2017, spanned a period of extraordinary economic turbulence and policy challenge, including the global coronavirus pandemic, an unprecedented post-pandemic surge in inflation across the United States, and the most aggressive Federal Reserve monetary tightening cycle in decades. Over those nearly nine years, Bostic became one of the more prominent voices within the Federal Open Market Committee, with a particular focus on the distributional effects of monetary policy and its impact on lower-income communities.
VENABLE BRINGS DEEP OPERATIONAL EXPERIENCE
Venable's background as First Vice President and Chief Operating Officer gives her direct and detailed familiarity with the Atlanta Fed's internal administrative operations, its bank supervision responsibilities, and its role within the broader Federal Reserve System's operational infrastructure. The First Vice President position is structurally the second-most senior role at a regional Reserve Bank, and the decision to appoint Venable as interim leader reflects the institution's preference for operational continuity during the transition rather than bringing in an external interim figure unfamiliar with the organisation.
The Atlanta Fed is responsible for the Sixth Federal Reserve District, covering the states of Alabama, Florida, and Georgia, and parts of Louisiana, Mississippi, and Tennessee. In addition to its bank supervision and payments functions, the bank plays a role in FOMC deliberations, where the Atlanta president participates in monetary policy discussions and votes on the policy rate on a rotating basis. During an interim leadership period, the acting president is expected to maintain the institution's existing policy positions and institutional relationships while the permanent search progresses.
NATIONWIDE SEARCH GETS UNDER WAY
A nationwide search for a permanent successor to Bostic is under way, led by a search committee that, in line with Federal Reserve practice, is composed of non-banking directors from the Atlanta Fed's board. The non-banking composition is a standard practice for Reserve Bank presidential searches, designed to ensure that the selection process reflects a broad societal perspective and avoids undue influence from the commercial banking industry that the Reserve Bank supervises. Any candidate selected by the board of directors must ultimately receive approval from the Federal Reserve Board of Governors in Washington.
The search is expected to attract candidates from across academia, government service, and the broader economics and public policy community. Bostic was the first African American to lead a Federal Reserve Bank when he was appointed in 2017, and his tenure brought sustained attention to questions of economic inclusion and access. The selection of his permanent successor is likely to be closely observed by a wide range of stakeholders, including members of Congress, economists, and community organisations, as the search process unfolds over the coming months.