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The Fed's new task forces feature big names in business, from Marc Andreessen to Asha Sharma
The leadership of five new task forces at the Fed includes Marc Andreesen, Asha Sharma, and Raghuram Rajan.David Paul Morris/Bloomberg via Getty Images; Bloomberg via Getty Images; Tomohiro Ohsumi/Bloomberg via Getty ImagesFed 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:CommunicationsArminio 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.DANIEL RAMALHO/AFP via Getty Images and Daniele Venturelli/Getty ImagesLeaders:Peter R. Fisher, former Treasury official and ex-New York Fed executiveArminio Fraga, former governor of Brazil's central bankMervyn King, former governor of the Bank of EnglandTheir 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 PolicyJeremy 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.Andrew Harrer/Bloomberg via Getty Images; Tomohiro Ohsumi/Bloomberg via Getty ImagesLeaders:Karen Dynan, Harvard economist and former Treasury officialRaghuram Rajan, former Reserve Bank of India governorJeremy Stein, Harvard economist and former Fed governorTheir 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.DataFormer Walmart CEO Doug McMillon will serve on the Fed's new Data Task Force.Michael M. Santiago/Getty ImagesLeaders:Raj Chetty, Harvard economistDoug McMillon, former Walmart CEOKevin Murphy, University of Chicago economistTheir 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 JobsMarc 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.Bloomberg/Getty Images; Bloomberg/Getty ImagesLeaders:Marc Andreessen, cofounder of Andreessen HorowitzCharles I. Jones, Stanford economistAsha Sharma, CEO of Microsoft's AI PlatformTheir 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 FrameworksNobel 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.Visual China Group via Getty Images; Bradley C. Bower/Bloomberg via Getty ImagesLeaders:Greg Mankiw, Harvard economistThomas J. Sargent, Nobel Prize-winning economistWilliam White, former chief economist at the Bank for International SettlementsTheir 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.Read the original article on Business Insider
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