Kevin Warsh assembled five task forces to examine the Federal Reserve. Marc Andreessen and Doug McMillon made the list. The institution that prints money now needs outside help figuring out how it operates.
Andreessen built software companies and invested in crypto. McMillon runs Walmart. These are the experts Warsh picked to review monetary policy operations. One guy sells bulk toilet paper. The other guy funded companies that sell dog walking apps. They're going to fix the Fed.
The task forces will examine the institution's operations. That's what happens when you run the same playbook for decades and suddenly someone asks why. You form a committee. You bring in people who've never done your job. You pretend their recommendations matter.
Warsh released the names on Thursday. Markets didn't move. Nobody cared. The Fed could announce it's being run by a magic eight ball and S&P futures would still trade within a three-point range. Retail traders will still buy calls on companies they can't spell. The task forces will still produce a report nobody reads.
Five separate groups will study one institution. That's how many experts it takes to explain why interest rates go up and down. Could've saved time and just asked your uncle at Thanksgiving. He's got the same qualifications and he works for free.
The final recommendations will arrive in six months. Warsh will thank everyone for their service. The Fed will continue doing exactly what it planned to do anyway. Andreessen will tweet something about decentralization. McMillon will put the whole experience on rollback pricing.
This is what accountability looks like when you're too important to fail: you investigate yourself, announce the investigators, and wait for everyone to forget you announced anything.
Photo by Bernd 📷 Dittrich on Unsplash
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