Fed Chair Kevin Warsh appoints high-profile experts to five review task forces

Federal Reserve Chair Kevin Warsh disclosed the membership of five task forces that will review the central bank’s operations, naming a mix of Wall Street executives, business leaders, academics and former Fed officials. The groups will focus on communications, balance-sheet policy, data, productivity and jobs, and the inflation-framework approach.

Among the appointed members are venture capitalist Marc Andreessen, former Bank of England governor Mervyn King, former White House Council of Economic Advisers chair Greg Mankiw, and former Walmart CEO Doug McMillon, who will lead the business-executive panel. Other participants include former Reserve Bank of India governor Raghuram Rajan, former Fed governor Jeremy Stein, and Canadian economist William White, known for warning about easy monetary policy before the 2008 crisis.

"I am honored that the best minds from a range of disciplines have agreed to work with us to sharpen our performance as an institution," Warsh said.

The Fed’s statement said the panels will operate independently, follow evidence, provide candid feedback and deliver rigorous findings to the Federal Open Market Committee. No specific timeline was given, though Warsh indicated that changes could be implemented within the year.

The task forces will be supported by Fed staff and are expected to challenge existing Fed practices, building on recent shifts toward less forward-guidance in communications and a focus on the conditions that would trigger interest-rate adjustments.