Key facts
- The Federal Reserve has formed five new task forces to help shape recommendations for its overhaul.
- The task forces comprise heavyweight economists, prominent business leaders, and tech executives.
- Notable members include Marc Andreessen, Asha Sharma, Raghuram Rajan, Arminio Fraga, and Mervyn King.
- The groups are expected to deliver their recommendations by the end of the year.
- The Communications task force will review how the Fed communicates with markets and the public.
- The Balance Sheet Policy task force will evaluate the management of the Fed's balance sheet and asset holdings.
- The Data task force will recommend improvements to the data the Fed uses to understand the economy.
- The Productivity and Jobs task force will focus on these areas.
The Federal Reserve has established five new task forces, bringing together prominent economists, business leaders, and tech executives to help shape recommendations for overhauling the central bank. Fed Chair Kevin Warsh announced the members of these groups, which are expected to deliver their findings by the end of the year.
The Communications task force will review how the Fed communicates with markets and the public. Its members include Arminio Fraga, former president of the Central Bank of Brazil; Mervyn King, former governor of the Bank of England; and Peter R. Fisher, a professor of practice at the University of Washington.
The Balance Sheet Policy task force will evaluate the management of the Fed's balance sheet and asset holdings. This group includes Raghuram Rajan, former governor of the Reserve Bank of India, and Jeremy Stein, a former governor of the Federal Reserve, alongside Harvard economist Karen Dynan.
The Data task force aims to recommend ways the Fed can improve the data it uses to understand the economy. Its members are Harvard economist Raj Chetty, former Walmart CEO Doug McMillon, and University of Chicago economist Kevin Murphy.
The Productivity and Jobs task force includes Marc Andreessen, cofounder of Andreessen Horowitz, XBOX CEO Asha Sharma, and Stanford economics professor Charles I. Jones.