Federal Reserve Chairman Kevin Warsh on Thursday named the people who will lead the five task forces that will propose ways to reshape the central bank, many of whom are former policymakers from around the globe.
Warsh announced in June he was in the process of forming task forces to study the Fed communications, the balance sheet, economic data usage, productivity and jobs, and inflation.
"The U.S. economy has changed significantly over the last generation, and never more so than right now. Each task force will carefully consider whether policymakers' means and methods, analytical tools and policy approaches can be improved upon," Warsh said in statement Thursday. "The goal is straightforward: to ensure the Fed is best positioned to achieve our objectives in this consequential time."
For the task force charged with evaluating productivity and labor conditions, an area of particular interest to Warsh, the new chairman tapped into the tech sector. Leading the task force, which will assess the economic impact of new general-purpose technologies, including artificial intelligence, is Marc Andreessen, co-founder and general partner of Andreessen Horowitz; Charles Jones, professor of economics at Stanford University and currently on leave at Anthropic; and Asha Sharma, executive vice president and XBOX CEO at Microsoft Corp.
The task force on inflation, which will review how the Fed assess and responds to price growth drivers, will be led by Greg Mankiw, professor of economics at Harvard University and former chairman of the Council of Economic Advisers; Thomas Sargent, a Nobel laureate and a professor of economics at New York University; and William White, senior fellow, C.D. Howe Institute and a former economic advisor at the Bank for International Settlements.
The task force on communications will be led by Peter R. Fisher, professor at the University of Washington's Foster School of Business; Arminio Fraga, founder and chairman of Gávea Investimentos and former president, Central Bank of Brazil; and Mervyn King, former governor of the Bank of England. Warsh said the committee will focus on reviewing how the Fed conveys policy deliberations and decisions amid uncertainty.
The balance sheet policy task force will examine the costs, benefits, and institutional implications of the Fed's regime. It will be headed up by Karen Dynan, professor of economics at Harvard University; Raghuram Rajan, professor of finance at the University of Chicago's Booth School of Business and a former governor of the Reserve Bank of India; and Jeremy Stein, professor of economics, Harvard University and former governor of the Fed.
The task force focused on data is charged with improving the quality and timeliness of economic indicators that the Fed uses. The effort will be led by Raj Chetty, professor of economics at Harvard University; Doug McMillon, former president and CEO of Walmart; and Kevin Murphy, professor of economics at University of Chicago.
This is breaking news. Check back for more analysis soon.
Write to Megan Leonhardt at megan.leonhardt@barrons.com
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July 09, 2026 15:10 ET (19:10 GMT)
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