Xbox CEO Asha Sharma Will Lead Productivity & Jobs Task Force for US Federal Reserve After Laying Off 3,200 People
People are not very happy with the news.
Xbox
The Federal Reserve, the central bank of the United States, has announced the leadership of its task forces "to advance the conduct of monetary policy," and one of the leaders is Asha Sharma, the CEO of Xbox, whom you might also know as the person who has just laid off 3,200 people in her company.
But it gets even more ironic: Sharma will be responsible for productivity and jobs. Along with Marc Andreessen, co-founder of Andreessen Horowitz, and Charles I. Jones, professor of economics at Stanford University, she will "assess the economic impact of new general-purpose technologies, including artificial intelligence, to inform the Federal Reserve's policy judgments."
Unsurprisingly, the announcement made quite a few people upset. Sarcastic comments aside, some believe it is way too early to judge the effectiveness of her decisions: Sharma has been the CEO for less than half a year. Moreover, she is now in the middle of restructuring and definitely has her hands full trying to fix all that is wrong with Xbox. Such an important role seems a bit too much, but the Federal Reserve doesn't think so, apparently.
"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."
This is a challenging year for Sharma: a new position, hard decisions, people's hate, and now this. But I'm sure she knew what was coming her way when she accepted the job.
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