The Fed's new task forces feature big names in business, from Marc Andreessen to Asha Sharma
Economists, researchers, and industry insiders like Marc Andreessen and Asha Sharma have joined Fed task forces to revamp economic policies.
Economists, researchers, and industry insiders like Marc Andreessen and Asha Sharma have joined Fed task forces to revamp economic policies.
David Paul Morris/Bloomberg via Getty Images; Bloomberg via Getty Images; Tomohiro Ohsumi/Bloomberg via Getty Images
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:
CommunicationsDANIEL RAMALHO/AFP via Getty Images and Daniele Venturelli/Getty Images
Leaders:
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.
Balance Sheet PolicyAndrew Harrer/Bloomberg via Getty Images; Tomohiro Ohsumi/Bloomberg via Getty Images
Leaders:
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.
DataMichael M. Santiago/Getty Images
Leaders:
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.
Productivity and JobsBloomberg/Getty Images; Bloomberg/Getty Images
Leaders:
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.
Inflation FrameworksVisual China Group via Getty Images; Bradley C. Bower/Bloomberg via Getty Images
Leaders:
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.
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