Xbox CEO Asha Sharma named as adviser to US Federal Reserve on ‘Jobs and Productivity’
Sharma is the only active CEO named on The Fed task forces
Xbox CEO Asha Sharma has been named as an advisor to the US Federal Reserve for Productivity and Jobs.
The Federal Reserve is the central banking system of the United States. On Thursday, it announced the leadership and objectives of its five task forces established “to advance the conduct of monetary policy”.
Notably, Sharma was named one of three advisors on the Productivity and Jobs task force, which the Federal Reserve says will be assessing, among other things, the impact of AI.
According to a news release, the task force will look at “the economic impact of new general-purpose technologies, including artificial intelligence, to inform the Federal Reserve’s policy judgments.”
Supported by Federal Reserve staff, the task forces will operate independently, with “a mandate to follow the evidence, provide candid feedback, and produce rigorous findings for the Federal Open Market Committee”.
It’s unclear how the appointments were made. Sharma is the only active CEO named on the five task forces. However, the former CEO of Walmart, Doug McMillon, will advise on Data.
Fed appointment coincides with major job cuts at Xbox
Sharma’s appointment comes the same week she has enacted sweeping layoffs across the Xbox business, initially impacting 1,600 jobs and stretching to 3,200 by the end of Microsoft’s business year.
State WARN notices began to reveal details of the cuts this week, including hundreds of job losses at The Elder Scrolls Online developer ZeniMax Online and around 100 cuts at Doom maker Id Software.
Prior to becoming Xbox CEO earlier this year, Sharma served as president of Microsoft’s CoreAI product. She also worked at Facebook as VP Product & Engineering for its Messenger and Instagram Direct products
“The Federal Reserve’s commitment to price stability and maximum employment is unwavering. As is our resolve to pursue our mandate with rigor,” said Chairman Kevin Warsh.
“The U.S. 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 honored 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.”
