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Raghuram Rajan joins Federal Reserve's monetary policy review
Former RBI governor named among global experts advising the U.S. central bank.
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Ankita Baidya - Sat, 11, Jul 2026
- 01:55 EDT
- 21
Raghuram Rajan has been appointed as an external adviser to the U.S. Federal Reserve's monetary policy review. / chicagobooth.edu
Former Reserve Bank of India Governor Raghuram Rajan has been named an external adviser to the U.S. Federal Reserve's newly launched monetary policy review, joining a panel of economists, business leaders and former central bankers tasked with reassessing how the institution conducts monetary policy, according to a Federal Reserve statement released on July 10.
Also read: Xbox CEO Asha Sharma joins U.S. Federal Reserve panel
Rajan, a professor of finance at the University of Chicago Booth School of Business, is among several internationally recognized experts selected to serve on one of five task forces established by Federal Reserve Chair Kevin Warsh. The Federal Reserve's announcement did not specify which of the five task forces Rajan will join.
"The Federal Reserve's commitment to price stability and maximum employment is unwavering. As is our resolve to pursue our mandate with rigor," Warsh said in the announcement.
Rajan has spent much of his academic career in the United States and has publicly said he holds a U.S. Green Card while retaining Indian citizenship. He has also stated that he has never applied for citizenship in another country, according to previous public interviews and reports.
He served as governor of the Reserve Bank of India from 2013 to 2016, where he was credited with helping curb inflation and stabilize the rupee during a period of economic uncertainty. Before leading India's central bank, Rajan was chief economist and director of research at the International Monetary Fund from 2003 to 2006. He is also widely known for warning about systemic financial risks at the Federal Reserve's Jackson Hole symposium in 2005, several years before the 2008 global financial crisis.
The Federal Reserve said the task forces bring together economists, business leaders and former central bank officials from around the world. Other advisers include former Bank of England Governor Mervyn King, Harvard economist Greg Mankiw, Nobel laureate Thomas Sargent, Harvard professor Raj Chetty and former Central Bank of Brazil President Arminio Fraga.
Another Indian-origin leader, Microsoft Executive Vice President and Xbox CEO Asha Sharma, has also been appointed to the review. Sharma will serve on the Productivity and Jobs task force alongside venture capitalist Marc Andreessen and Stanford economist Charles I. Jones. That panel will examine how emerging technologies, including artificial intelligence, are reshaping productivity and employment.
According to the Federal Reserve, the five task forces will operate independently and submit recommendations to the Federal Open Market Committee. "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," Warsh said. "The goal is sstraightforward: to ensure the Fed is best positioned to achieve our objectives in this consequential time."
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