The Federal Reserve is getting an external audit of its own ideas. Chair Kevin Warsh on July 9 announced the full rosters for five independent task forces, each charged with reviewing a core pillar of how America’s central bank operates and communicates.
What the task forces will actually do
Each of the five groups targets a distinct area: communications strategy, balance sheet policy, data quality, the impact of artificial intelligence on productivity and jobs, and the framework the Fed uses to think about inflation.
Balance sheet policy alone involves managing a portfolio currently sitting at roughly $6.7 trillion.
Every task force is co-led by three external experts who will work independently of Fed staff, though staff will provide research and logistical support.
