Federal Reserve Chairman Kevin Warsh Forms Five Task Forces to Review Policy Areas

Federal Reserve Chairman Kevin Warsh announced five task forces on June 17, 2026, during his first post-meeting press conference. The groups will review communications practices, the central bank's balance sheet, reliance on existing data sources, productivity and employment, and inflation frameworks.

Warsh said the task forces will include members from inside and outside the economics profession and will be supported by Federal Reserve staff specialists. He stated that each group will start from first principles, examine current practice, and propose next steps for policymakers.

The communications task force will assess how the central bank communicates with the public, investors, and markets. Former Federal Reserve officials told the Washington Examiner that the group may review forward guidance, the summary of economic projections, post-meeting statements, and the frequency of press conferences.

Steve Kamin, a senior fellow at the American Enterprise Institute and former Federal Reserve official, said the communications framework is likely to produce the most immediate change. Dennis Lockhart, former president of the Federal Reserve Bank of Atlanta, said the task force will examine all methods of communication and the appropriate level of transparency.

Thomas Hoenig, a senior fellow at the Mercatus Center and former president of the Federal Reserve Bank of Kansas City, said he expects a more limited communications framework focused on meeting minutes and whether press conferences are needed after every meeting.

A second task force will review the benefits and risks of the current ample-reserves regime and the composition of the Federal Reserve's balance sheet. The balance sheet stood near $4.1 trillion before the pandemic, rose to nearly $9 trillion after large-scale bond purchases, and has since declined to $6.7 trillion.