Xbox CEO Asha Sharma has joined a Federal Reserve task force examining the impact of artificial intelligence on jobs and productivity. The move comes days after Sharma announced the largest restructuring in Xbox history, with plans to reduce the division’s workforce by approximately 3,200 employees. The task force, part of the central bank’s approach to monetary policy, will study the economic impact of new general-purpose technologies, including AI. Sharma joins other notable experts, including Marc Andreessen and Charles I. Jones.
Task Force Goals
The Federal Reserve aims to bring together outside experts in economics, business, and central banking to review its approach to monetary policy. The five task forces will examine areas such as productivity and jobs, Fed communications, and inflation frameworks.
Industry Trends
Sharma’s appointment comes amid growing scrutiny over AI’s role in reshaping the workforce. Tech companies like Snap and Meta have recently announced significant layoffs as they invest in automation and AI-powered tools.
Economic Impact
A Federal Reserve study found that U.S. programming job growth slowed significantly following the launch of ChatGPT, with an estimated 500,000 developer jobs never filled. California has also launched an AI unemployment tracker to monitor the impact of automation on job losses.
Based on reporting from crypto.news.
