Federal Reserve names three external advisors to AI task force

The Federal Reserve announced Thursday that it had formed five task forces to bring outside perspectives to its work, including one focused on artificial intelligence. The AI task force will be led by three external advisors: venture capitalist Marc Andreessen, economist Charles I.

Jones, and Xbox CEO Asha Sharma. All three have recently spoken or written in positive terms about AI's potential effects on growth and productivity.

" Charles I. Jones, who recently took leave from Stanford University to join the Anthropic Institute, wrote in a recent paper that AI could raise U.S. growth per capita above 5 percent per year if it automates weak links in the economy. Asha Sharma, who became CEO of Microsoft's Xbox business in February, said in a Bloomberg interview that she believes in AI even though she chose not to prioritize it on the Xbox console.

"Our console players aren't excited about that experience," she said.

Chairman's position Chairman Kevin Warsh selected the task-force members personally and has described AI as "perhaps as important a change in the economy and business and households that we've had in my adult lifetime." He has said AI could support faster economic growth without raising inflation.

discussions Minutes from the Federal Open Market Committee's June meeting, released this week, show participants discussed whether AI could raise productivity. Some participants accepted the possibility while others remained uncertain. " The Fed is scheduled to meet again at the end of July.