Warsh Names Slate of Advisers for Fed Task Forces

By the Editorial Team · Friday, July 10, 2026

Federal Reserve Chair Kevin M. Warsh has appointed external advisers to head five task forces focused on reforming key areas of the Fed’s operations, including communication, balance sheet management, economic data, AI impact, and inflation measurement. These task forces aim to overhaul the central bank’s tools and strategies to better navigate current economic challenges and fulfill Warsh’s pledge of meaningful institutional change.

Kevin M. Warsh, who assumed the chairmanship of the Federal Reserve in May, has named a group of external advisers to lead five specialized task forces aimed at reforming key aspects of the central bank’s operations. The initiative marks Warsh’s most direct effort to implement significant changes within the Federal Reserve since taking office.

The task forces will focus on critical areas that Warsh identified as central to the Fed’s conduct of monetary policy. These include improving communication strategies; managing the $6.7 trillion portfolio of government debt and mortgage-backed securities; revisiting the data sources used for economic analysis; evaluating productivity trends and the impact of artificial intelligence on the economy; and refining inflation measurement and modeling.

Warsh emphasized that each task force will review whether existing tools, methods, and policy approaches can be enhanced to better position the Federal Reserve for its objectives during what he described as a “consequential time.”

The advisers selected represent an array of former policymakers, academics, and business executives with relevant expertise. The communications task force will be co-chaired by Peter Fisher, a former BlackRock executive with past experience at the New York Fed and the Treasury Department; Mervyn King, former governor of the Bank of England; and Arminio Fraga, previously head of the Central Bank of Brazil.

Karen Dynan, a Harvard economist and former Treasury official, will lead the task force examining the Fed’s balance sheet alongside Raghuram Rajan, a University of Chicago economist and former governor of the Reserve Bank of India, and Jeremy Stein, a former Fed governor.

To assess the appropriateness of data sources employed in economic analysis, Warsh appointed Raj Chetty and Kevin Murphy of Harvard and the University of Chicago respectively, along with Doug McMillan, the former CEO of Walmart.

The task force addressing the influence of artificial intelligence on productivity includes venture capitalist Marc Andreessen; Charles Jones, an academic affiliated with Anthropic; and Asha Sharma, chief executive of Xbox.

For the study of inflation frameworks and measurements, Warsh enlisted Greg Mankiw, former chairman of the Council of Economic Advisers and Harvard professor; Nobel laureate Thomas Sargent of New York University; and William White, former official at the Bank for International Settlements.

Warsh campaigned on a platform promising “regime change” at the Federal Reserve, and these task forces are integral to executing that vision by reassessing and potentially redefining the central bank’s analytical and policy tools.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.