The US Federal Reserve (Fed) has announced the creation of five independent working groups to help improve the country's monetary policy. Xbox head Asha Sharma became one of three advisors in the Productivity and Jobs group, which will analyze the economic implications of general-purpose technologies, including artificial intelligence.
According to the Fed's statement, one of the group's key tasks will be to assess how AI development affects productivity, the labor market, and the economy as a whole. The findings will be used to prepare recommendations for the Federal Open Market Committee, which determines US monetary policy.
The working groups will operate independently with the support of Fed staff. Their mandate includes analyzing facts, preparing objective conclusions, and providing research-based recommendations.
Notably, Asha Sharma is the only active CEO to join the new advisory groups. Other prominent participants include former Walmart CEO Doug McMillon, who will advise the data working group.
Sharma's appointment coincided with a difficult period for Microsoft's gaming division. This week, Xbox continued its large-scale layoff program: initially, about 1600 employees were reported to be laid off, but by the end of Microsoft's fiscal year, the number of job cuts is expected to reach approximately 3200. WARN documents also confirmed significant cuts at ZeniMax Online Studios, which develops The Elder Scrolls Online, as well as at id Software.