Xbox executive Asha Sharma joins US Federal Reserve task force on jobs and productivity

• She will co-lead the task force alongside Marc Andreessen and Stanford economist Charles Jones.
• The appointment is part of the Federal Reserve's broader review of its monetary policy framework through five independent task forces.
• The task forces will provide evidence-based recommendations to the Federal Open Market Committee.

Microsoft Xbox CEO Asha Sharma has been appointed to a new US Federal Reserve task force examining the economic impact of artificial intelligence and emerging technologies.

The Federal Reserve announced five task forces that will evaluate key areas of its monetary policy framework, with each group co-led by external advisers from academia, business, and central banking. 

The task forces will operate independently, supported by Federal Reserve staff, and provide recommendations to the Federal Open Market Committee.

AI focus

Sharma will co-lead the productivity and jobs task force alongside Andreessen Horowitz co-founder Marc Andreessen and Stanford University economics professor Charles Jones, who is currently on leave at Anthropic.

According to the Federal Reserve, the group will assess the economic impact of new general-purpose technologies, including artificial intelligence, to help inform the central bank's policy judgments.

Federal Reserve Chairman Kevin Warsh said the initiative reflects the institution's commitment to price stability and maximum employment while recognising that the US economy has changed significantly.

"The Federal Reserve's commitment to price stability and maximum employment is unwavering," said Federal Reserve Chairman Kevin Warsh in a statement. “As is our resolve to pursue our mandate with rigour. 

“The US economy has changed significantly over the last generation, and never more so than right now. Each task force will carefully consider whether policymakers' means and methods, analytical tools and policy approaches can be improved upon. 

“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."

The Federal Reserve also established separate task forces covering communications, balance sheet policy, data and inflation frameworks, each led by external experts from business, academia and central banking.

Sharma's appointment comes amid a division-wide restructure at Xbox that has seen it cut 1,600 staff, with a plan to lay off 1,600 more over the next year. The console giant is also divesting five studios as it focuses on a new path forward following the Phil Spencer era.