Federal Reserve Chairman Kevin Warsh on Thursday unveiled the members of the five task forces that will examine key issues that shape US monetary policy as part of his broader bid to reshape the world’s most powerful central bank.
In addition to academics and former central bankers, they include prominent business leaders such as former Walmart CEO Doug McMillon; Marc Andreessen, cofounder of Andreessen Horowitz; and Asha Sharma, the executive vice president and Xbox CEO at Microsoft.
The new teams will “operate independently, with a mandate to follow the evidence, provide candid feedback, and produce rigorous findings for the Federal Open Market Committee,” Warsh said in a statement.
Warsh first announced the initiative at his inaugural press conference as new chairman of the central bank, in June, saying the panels would study factors affecting the Fed’s monetary policymaking. The task forces are expected to conclude their work by the end of the year, culminating in a set of recommendations for improving monetary policymaking.
“My hope is that the results of these can be a public good if we make progress in thinking about the effect of productivity, the effect of data, new inflation frameworks,” Warsh said last week at central banking event in Sintra, Portugal.
