world-economy

Federal Reserve Convenes Expert Task Forces to Examine Core Operations

Federal Reserve Chairman Kevin Warsh unveiled membership rosters for five task forces tasked with reviewing central bank operations. The panels draw from Wall Street, business leadership and academic circles to examine communications strategy, data management, balance sheet composition, productivity metrics and inflation frameworks. Warsh announced the initiative last month with expectations for institutional changes this year. Task force membership includes venture capitalist Marc Andreessen, former Walmart CEO Doug McMillon, ex-Bank of England Governor Mervin King and former White House Council of Economic Advisers Chairman Greg Mankiw. Additional members span former Reserve Bank of India Governor Raghuram Rajan, ex-Federal Reserve Governor Jeremy Stein and Canadian economist William White. The task forces will operate independently with mandates to provide candid feedback and rigorous findings to Federal Open Market Committee officials. The Fed did not specify completion timelines.