The Fed's new task forces feature big names in business, from Marc Andreessen to Asha Sharma

• Fed Chair Kevin Warsh tapped economists and tech execs for task forces to overhaul the central bank.
• The task forces will assess the Fed's communication, data, productivity, and inflation frameworks.
• Marc Andreessen and XBOX CEO Asha Sharma will lead the task force on productivity and jobs.

Fed Chair Kevin Warsh on Thursday named the members of five outside task forces that will help shape recommendations for overhauling the central bank.

The groups bring together heavyweight economists alongside prominent business leaders and tech executives, and are expected to deliver recommendations by the end of the year.

Here's what we know so far:

Leaders:

• Peter R. Fisher, former Treasury official and ex-New York Fed executive
• Arminio Fraga, former governor of Brazil's central bank
• Mervyn King, former governor of the Bank of England

Their Mission: Review how the Fed communicates with markets and the public, including policy statements and broader messaging.

This group is stacked with former central bankers known for shaping monetary policy communication. Warsh has previously signaled he wants the Fed to speak less about its future rate intentions than it has in recent years.

Leaders:

• Karen Dynan, Harvard economist and former Treasury official
• Raghuram Rajan, former Reserve Bank of India governor
• Jeremy Stein, Harvard economist and former Fed governor

Their Mission: Evaluate how the Fed should manage its balance sheet and asset holdings.

Warsh has been an outspoken critic of the Fed's large post-crisis balance sheet. This task force includes economists with deep experience in central banking and financial markets.

Leaders:

• Raj Chetty, Harvard economist
• Doug McMillon, former Walmart CEO
• Kevin Murphy, University of Chicago economist

Their Mission: Recommend ways the Fed can improve the data it uses to understand the economy.

McMillon brings a real-time business perspective from one of the nation's largest retailers, while Chetty is known for pioneering the use of big data in economics.

Leaders:

• Marc Andreessen, cofounder of Andreessen Horowitz
• Charles I. Jones, Stanford economist
• Asha Sharma, CEO of Microsoft's AI Platform

Their Mission: Study how artificial intelligence and technological change are affecting productivity, employment, and economic growth.

This is arguably the highest-profile panel. Andreessen has been one of Silicon Valley's most vocal AI advocates, while Sharma leads Microsoft's AI Platform business, bringing firsthand experience developing enterprise AI tools.

Leaders:

• Greg Mankiw, Harvard economist
• Thomas J. Sargent, Nobel Prize-winning economist
• William White, former chief economist at the Bank for International Settlements

Their Mission: Review the Fed's inflation framework and its measures of price stability.

The panel features three of the world's best-known monetary economists. Warsh has suggested the Fed should reconsider how it thinks about inflation as the economy evolves.