US Fed taps Raghuram Rajan, Chetty, Sharma for key policy review task forces

FPJ News Service

mumbai

The US Federal Reserve on Thursday announced the leaders of five task forces that will review how the central bank conducts monetary policy, with Indian-origin economists Raghuram Rajan and Raj Chetty, and Microsoft executive Asha Sharma among those selected to lead three of the panels, Moneycontrol reported.

Fed Chair Kevin Warsh had first announced the initiative during his inaugural press conference on June 17 after taking office. "The Federal Reserve's commitment to price stability and maximum employment is unwavering. As is our resolve to pursue our mandate with rigor," Warsh said in a statement."I am honoured that the best minds from a range of disciplines have agreed to work with us to sharpen our performance as an institution. The goal is straightforward: to ensure the Fed is best positioned to achieve our objectives in this consequential time," he added. 

The Fed said each task force will be co-led by experts from academia, business and central banking, supported by Federal Reserve staff. The panels will operate independently and provide evidence-based recommendations to the Federal Open Market Committee (FOMC). Warsh expects the review to be completed by the end of the year.