Warsh launches his push to change how the Fed operates

By Victor Reklaitis and Greg Robb

The new Federal Reserve chair rolls out five task forces that will focus on the central bank's communications, inflation frameworks and more

Kevin Warsh held his first press conference as Federal Reserve chair in Washington, D.C., on Wednesday.

Federal Reserve Chair Kevin Warsh on Wednesday announced a start to his efforts to reform the U.S. central bank, with his moves including a rollout of five new task forces.

"I'm appointing a task force in each of five areas that are central to the broad conduct of monetary policy: first, Fed communications; second, the Fed's balance sheet; third, our use and reliance on existing data sources; fourth, productivity and jobs in an era of transformation; and last, the Fed's inflation frameworks," Warsh said as he held his inaugural press conference as chair following a two-day meeting of the Fed committee that sets benchmark interest rates. "These subjects are timely, consequential, and in my view, worthy of a fresh look."