Fed Names 15 Co-Leaders for Five New Monetary Policy Task Forces
6 verified6 unconfirmed
The Federal Reserve announced Thursday the creation of five task forces to evaluate the central bank’s monetary policy operations, appointing 15 co-leaders from academia, business, and former central banking. Fed Chair Kevin Warsh said the panels will assess whether the Fed’s “means and methods, analytical tools and policy approaches can be improved upon.” Each task force, supported by Fed staff, will report its findings to the Federal Open Market Committee. The groups cover communications, balance sheet policy, data, productivity and jobs, and inflation frameworks. Warsh described the goal as ensuring the Fed is best positioned to achieve its objectives in the current economic environment. The task forces are expected to conclude their work by year-end.
What’s verified
The Federal Reserve announced five task forces on Thursday that will examine how the central bank conducts monetary policy.
Each task force has three co-leaders, for a total of 15 co-leaders drawn from academia, business, and former central banking.
The task forces cover communications, balance sheet policy, data, productivity and jobs, and inflation frameworks.
Co-leaders include Marc Andreessen, Raj Chetty, Mervyn King, Doug McMillon, Raghuram Rajan, Karen Dynan, Jeremy Stein, Greg Mankiw, Thomas Sargent, Asha Sharma, Charles Jones, and Kevin Murphy.
Fed Chair Kevin Warsh stated the task forces will assess whether the Fed’s “means and methods, analytical tools and policy approaches can be improved upon.”
The task forces will be supported by Fed staff and will report their findings to the Federal Open Market Committee.
Not yet confirmed
Only one source reported that Warsh called for “regime change” at the Fed last year.
Only one source noted the central bank’s roughly $6.7 trillion in holdings of government bonds.
Only one source stated that Warsh held his first FOMC meeting in June and that the Fed’s main interest rate is now between 3.5% and 3.75%.
Only one source provided the next FOMC meeting date of July 28 and 29.
Only one source mentioned personal relationships between Warsh and some task force members, including a connection to Andreessen from their time at Stanford.
Only one source listed additional co-leaders Peter R. Fisher, Arminio Fraga, and William White.
Key figures
Kevin Warsh, Chair of the Federal Reserve
Marc Andreessen, venture capitalist, co-founder of Andreessen Horowitz
Raj Chetty, Harvard economist
Mervyn King, former governor of the Bank of England
Doug McMillon, former president and CEO of Walmart
Raghuram Rajan, former governor of the Reserve Bank of India
Karen Dynan, Harvard economist and former Treasury official
Jeremy Stein, former Fed governor
Greg Mankiw, Harvard economist, former chairman of the Council of Economic Advisers
Thomas Sargent, Nobel laureate, New York University
Asha Sharma, executive vice president and Xbox CEO at Microsoft
Charles Jones, Stanford economist
Kevin Murphy, University of Chicago economist
Peter R. Fisher, University of Washington
Arminio Fraga, former president of the Central Bank of Brazil
William White, former economic adviser to the Bank for International Settlements
Sources: abcnews.com, qz.com
