NEWS: Senator Blunt Rochester Questions Federal Reserve Chair Warsh on Fed Modernization

"I hope that there will be the inclusion of other voices beyond economic experts and tech individuals, but actually families, businesses, people that are both consuming and impacted by AI"

Click here to watch Senator Blunt Rochester's remarks.

U.S. Senator Lisa Blunt Rochester (D-Del.), a member of the Senate Committee on Banking, Housing, and Urban Affairs, today questioned Federal Reserve Chair Kevin Warsh during a hearing on the Semiannual Monetary Policy Report. This report is shared with Members of Congress to provide updates on monetary policy and economic development efforts. Senator Blunt Rochester followed up on her questions from Warsh's confirmation hearing, seeking clarity and specificity on his strategy for Fed modernization and the Fed's plan to protect families as AI continues to develop.

Senator Blunt Rochester's remarks can be found here, and a key excerpt can be found below:

Senator Blunt Rochester: "One of the things that you shared in your testimony was about the task forces that you have established, which I think is a really good idea. And I think the choices of things that you're focused on, from communication to AI and the influence, all of those things are really important. On the AI [task force] in particular, I hope that there will be the inclusion of other voices beyond economic experts and tech individuals, but actually families, businesses, people that are both consuming and impacted by AI.

"If you could talk a little bit more about the makeup of that one in particular, and how you will include people both in the task force, and how you will include Main Street in your ongoing work at the Fed?"

Fed Chair Warsh: "We have 15 people across five task forces. I think there's a breadth of views, perspectives, expertise. They're all fantastic. They aren't decision makers, you're talking to one of the ultimate decision makers, and I believe like you do in the reserve banks. The Reserve Bank Presidents bring a breadth of views from their communities, from their businesses, and they are going to be the deciders about what to do with these. I don't want you to think that I've outsourced anything to these task forces other than coming up with new ideas."