Warsh taps Andreessen, McMillon and ex-central bankers for Federal Reserve review panels

Federal Reserve Chairman Kevin Warsh on Thursday disclosed the experts who will serve on five task forces targeting the central bank's operations.

The rosters draw from finance, corporate leadership, universities and prior central bank roles. Warsh first signaled his plan to form the groups last month.

Those panels will focus on communications, data, the Fed's balance sheet, productivity and jobs, plus the framework policymakers use to assess inflation.

Among the high-profile names are venture capitalist Marc Andreessen, former Bank of England Governor Mervyn King and Greg Mankiw, who once chaired the White House Council of Economic Advisers. Doug McMillon, the former Walmart CEO, heads the list of business figures.

Additional appointees include Raghuram Rajan, former governor of the Reserve Bank of India, ex-Fed Governor Jeremy Stein and William White, the Canadian economist who cautioned against loose central bank policy ahead of the 2008 global financial crisis. The groups draw participants from varied ideological and professional backgrounds.

"I am honored that the best minds from a range of disciplines have agreed to work with us to sharpen our performance as an institution," Warsh said. "The goal is straightforward: to ensure the Fed is best positioned to achieve our objectives in this consequential time."

According to a Fed statement, the panels will "operate independently, with a mandate to follow the evidence, provide candid feedback, and produce rigorous findings" for the Federal Open Market Committee. When first announcing the initiative, Warsh — chairman for less than two months — said the groups would begin with first principles and ultimately suggest steps for policymakers.

No schedule for completing the reviews was given in the release, although Warsh has signaled he anticipates changes this year. Andreessen's selection marks his second major appointment in recent days; he joined the U.S. Defense Policy Board in late June.