Key facts
- The Federal Reserve has formed five new task forces to review its policy operations.
- The task forces comprise prominent business leaders and economists.
- Marc Andreessen will co-lead the AI productivity and jobs task force.
- Raghuram Rajan, former governor of the Reserve Bank of India, is on the Balance Sheet Policy task force.
- Doug McMillon, former CEO of Walmart, will contribute to the Data task force.
Federal Reserve Chairman Kevin Warsh has announced the formation of five new task forces, comprising prominent business leaders and economists, to conduct a sweeping review of the central bank's policy operations. The task forces will focus on Communications, Balance Sheet Policy, Data, Productivity & Jobs, and Inflation Frameworks.
Marc Andreessen, co-founder of Andreessen Horowitz, will co-lead the task force studying how artificial intelligence and other new technologies could affect productivity and jobs. He will serve alongside Stanford University economics professor Charles I. Jones and Microsoft executive vice president Asha Sharma. Andreessen and Warsh have known each other since their time at Stanford University in the early 1990s.
Other notable members include Raghuram Rajan, professor of finance at the University of Chicago and former governor of the Reserve Bank of India, who is part of the Balance Sheet Policy task force. Doug McMillon, former president and CEO of Walmart, will contribute to the Data task force.
The group includes foreign central bankers and former Obama-era appointees, with the review expected to conclude by year-end. The task forces are seen as an 'A-list' and independent group, aiming to provide recommendations on policy operations.