US Federal Reserve task forces will review and recommend changes to the central bank’s policy framework
Three Indian-origin experts have been appointed to key policy review task forces by the US Federal Reserve, placing them at the centre of an ambitious effort to reassess how the world’s most influential central bank formulates monetary policy.
Former Reserve Bank of India Governor Raghuram Rajan, Harvard economist Raj Chetty, and Microsoft executive Asha Sharma will serve on three of the Federal Reserve’s five high-level review panels, which have been constituted to evaluate the central bank’s operations amid a rapidly evolving global economy.
Rajan has been appointed to the Balance Sheet Policy Task Force, which will examine the costs, benefits and long-term implications of the Fed’s balance sheet strategy. The panel will review how the central bank manages its vast bond holdings and liquidity operations following years of unconventional monetary policy.
Raj Chetty will co-lead the Data Task Force, which will evaluate whether the Federal Reserve should modernise the way it collects and analyses economic data to improve policymaking. Asha Sharma, Corporate Vice President at Microsoft, has joined the Productivity and Jobs Task Force, where the focus will be on assessing the impact of artificial intelligence and emerging technologies on employment and productivity.
The appointments are part of a broader review initiated by Federal Reserve Chair Kevin Warsh, who has constituted five expert panels covering communications, inflation, data, balance sheet policy, and productivity. The task forces bring together globally recognised economists, policymakers and technology leaders to recommend reforms for the US central bank’s future policy framework.
The inclusion of three Indian-origin experts in such influential roles underscores their growing global stature in economics, public policy and technology. Their recommendations are expected to contribute to discussions that shape the future direction of the US Federal Reserve and, by extension, the global financial system.
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