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

A composite image of Marc Andreesen, Asha Sharma, and Raghuram Rajan. — The leadership of five new task forces at the Fed includes Marc Andreesen, Asha Sharma, and Raghuram Rajan.
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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:

Communications

A composite image of Arminio Fraga, former president of the Central Bank of Brazil, and Mervyn King, former governor of the Bank of England. — Arminio Fraga, former president of the Central Bank of Brazil, and Mervyn King, former governor of the Bank of England will sit on the Fed’s new Communications task force.
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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.

Balance Sheet Policy

A composite image of Jeremy Stein, former governor of the Federal Reserve, and Raghuram Rajan, former governor of the Reserve Bank of India (RBI). — Jeremy Stein, former governor of the Federal Reserve, and Raghuram Rajan, former governor of the Reserve Bank of India (RBI), will serve on the Fed’s new Balance Sheet Policy task force.
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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.

Data

Former Walmart CEO Doug McMillon will serve on the Fed’s new Data Task Force.

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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.

Productivity and Jobs

A composite of Marc Andreessen and XBOX CEO Asha Sharma. — Marc Andreessen and XBOX CEO Asha Sharma will serve on the Fed’s new Productivity and Jobs task force, alongside Charles I. Jones, a professor of economics at Stanford University.
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Leaders:

Marc Andreessen, cofounder of Andreessen Horowitz
Charles I. Jones, Stanford economist
Asha Sharma, CEO of XBOX

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 XBOX business, with both bringing firsthand experience developing next-gen tools.

Inflation Frameworks

A composite image of Nobel Prize in Economics 2011 laureate Thomas Sargent and Greg Mankiw, professor of economics at Harvard University, — Nobel Prize in Economics 2011 laureate Thomas Sargent and Greg Mankiw, professor of economics at Harvard University, will serve on the Fed’s new task force for Inflation Frameworks alongside William White, a senior fellow at the C.D. Howe Institute and former economic advisor for the Bank for International Settlements.
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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.

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