Who is on Fed Chair Kevin Warsh’s monetary policy review task forces?

Federal Reserve Chair Kevin Warsh announced on Thursday the individuals he selected to oversee a comprehensive review of the U.S. central bank’s policy‑making processes.

Below is a brief overview of the 13 men and two women who will guide the five task forces established by Warsh.

COMMUNICATIONS

* Peter Fisher, professor of practice at the Foster School of Business, University of Washington

He previously served as the U.S. Treasury’s under secretary for domestic finance during the initial two years of George W. Bush’s presidency, and before that he managed the System Open Market Account at the New York Fed.

* Arminio Fraga, founder and chairman of Gávea Investimentos; former president of Brazil’s Central Bank

In the 1990s Fraga worked for George Soros’s New York investment firm before leading Brazil’s central bank from March 1999 through December 2002, shortly after the nation’s hyperinflation episode. Since then he has headed his own firm, Gavea Investments, and serves on the advisory council of the Bretton Woods Committee, which advocates global economic cooperation and supports the IMF and World Bank.

* Mervyn King, former governor of the Bank of England

King led the Bank of England for ten years, from 2003 to 2013, a span that included the global financial crisis. He is part of the group of international central‑bank officials who championed the adoption of inflation targeting and greater transparency.

BALANCE SHEET POLICY

* Karen Dynan, professor of economics at Harvard University

She served as the U.S. Treasury’s chief economist from 2014 to 2017 during Barack Obama’s second term. Earlier in her career Dynan spent 17 years as a staff economist at the Federal Reserve, heading the household and real‑estate finance unit from 2000 to 2007.

* Raghuram Rajan, professor of finance at the University of Chicago Booth School of Business; former governor of India’s Reserve Bank

Rajan headed the Reserve Bank of India from 2013 to 2016, and ten years prior he served as chief economist at the IMF. In 2022 he co‑authored a paper for the Kansas City Fed’s annual Jackson Hole symposium on the difficulties of shrinking the Fed’s balance sheet, titled “Liquidity Dependence: Why Shrinking Central Bank Balance Sheets Is an Uphill Task.”

* Jeremy Stein, professor of economics at Harvard University; former governor of the Federal Reserve Board

Stein served on the Fed’s Board of Governors from May 2012 to May 2014. Last year he teamed with two other scholars to produce a Brookings Institution paper titled “Treasury Market Dysfunction and the Role of the Central Bank,” which analyzes how the market for U.S. Treasuries has evolved after the Fed’s extensive bond‑purchase program during the COVID‑19 crisis.

DATA

* Raj Chetty, professor of economics at Harvard University

Chetty leads Harvard’s Opportunity Insights group, renowned for pioneering work on why upward mobility has stalled for low‑income Americans. Harvard highlights him as one of its youngest tenured faculty members in Ivy League history; his team employs big‑data methods to identify ways to improve prospects for disadvantaged youth.

* Doug McMillon, former president and CEO of Walmart

In January he marked twelve years at the helm of the retail giant, a tenure during which he transformed the traditional big‑box model into a technology‑driven enterprise capable of competing with e‑commerce leaders such as Amazon.

* Kevin Murphy, professor of economics at the University of Chicago

Much of Murphy’s scholarship examines inequality, unemployment, wage disparities, addiction, and the economic worth of advances in health and longevity, as noted on his UC profile.

PRODUCTIVITY AND JOBS

* Marc Andreessen, cofounder and general partner of Andreessen Horowitz

Andreessen helped pioneer the Internet and ranks among Silicon Valley’s most recognizable venture capitalists. He is a notable backer and significant contributor to Donald Trump’s campaign, and he advised the administration’s cost‑cutting Department of Government Efficiency (DOGE).

* Charles “Chad” Jones, professor of economics at Stanford University, currently on leave at the Anthropic Institute

Jones obtained his PhD in economics from MIT in 1993 before joining Stanford’s economics faculty, where he studies the forces behind economic growth. In a recent paper he envisions a future where artificial intelligence could reshape the economy, raising productivity and ushering in an era of abundance over decades, while also urging policymakers to prepare now for possible profound effects on labor markets, inequality, and systemic risk.

* Asha Sharma, executive vice president and Xbox CEO at Microsoft

Sharma came to Microsoft after earning her degree from the University of Minnesota in 2011, followed by roles at firms such as Facebook and Instacart—where she served as COO during the latter’s 2023 IPO. She returned to Microsoft in 2024 to lead its internal AI initiatives and, since February of this year, has overseen the Xbox division, which this week announced a restructuring that will eliminate 3,200 positions. Microsoft asserts the cuts are unrelated to AI, yet analysts link the move to broader cost‑reduction pressures amid heavy AI spending by large technology firms.

INFLATION FRAMEWORKS

* Greg Mankiw, professor of economics at Harvard University; former chair of George W. Bush’s Council of Economic Advisers

In 2024 Mankiw expressed inflation perspectives that align with Warsh’s, questioning the reliance on unemployment figures to gauge price pressures and arguing that a central bank targeting 2 % inflation should consider the goal met when inflation rounds to 2 % rather than requiring an exact hit. Back in 2002 he co‑authored a paper for the European Central Bank proposing that an inflation‑targeting institution incorporate nominal wages into its price index—a suggestion the ECB ultimately did not adopt.

* Thomas Sargent, professor of economics at New York University; 2011 Nobel laureate in economics

Sargent has produced extensive work on inflation’s origins and contends that, when governments run deficits, hiking interest rates to curb inflation may paradoxically fuel future price rises. In a recent paper he linked the Fed’s delayed reaction to the 2022 inflation surge not only to the belief that inflation would be transitory but also to doubts about the true tightness of labor markets and concerns that rate hikes could inflict excessive economic harm.

* William White, senior fellow at the C.D. Howe Institute; former economic adviser to the Bank for International Settlements

White earned his PhD in economics from the University of Manchester, UK, in 1969, after which he worked on the staffs of the Bank of England and the Bank of Canada. He joined the Bank for International Settlements in 1996, overseeing research and data generation while helping coordinate international central‑bank gatherings. During his tenure at the BIS he authored a critique of inflation‑targeting frameworks.

This article was published on July 10, 2026