U.S. Fed Launches 5 Task Forces for Policy Review, Including External Experts Like Mankiw

The U.S. Federal Reserve announced on July 9 (local time) that it has formed five task forces (TFs) to review its overall operational framework and has appointed over 10 external members to lead them.

These task forces are part of the reform measures for the Federal Reserve that new Chair Kevin Warsh announced during his first press conference on June 17.

Chair Warsh previously identified key reform tasks, including reducing the Fed's influence in financial markets, limiting forward guidance on future monetary policy, and re-evaluating how economic statistics are utilized.

Aligned with the Fed's core responsibilities and operational areas, the task forces are organized into five sectors: Fed Communications, Balance Sheet Policy, Economic Data, Productivity and Employment, and Inflation. Each sector will be co-led by three external experts.

The committee includes a wide range of figures from academia and industry, such as Harvard professor Greg Mankiw, who served as the top economic advisor in the George W. Bush administration; Nobel laureate in economics Professor Thomas Sargent; and former Walmart CEO Doug McMillon.

Notably, the Productivity and Employment task force features prominent figures from the AI and IT industries, including Marc Andreessen, a well-known venture capitalist who publicly supported the second Donald Trump administration; Stanford professor Chad Jones, who has collaborated with the AI company Anthropic; and executives from Microsoft's Xbox division.

In a statement, Chair Warsh said, "The goal is clear," adding, "It is to ensure that the Federal Reserve is optimally positioned to achieve its objectives during this critical time."

(Photo: AP, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.