Federal Reserve Governor Stephen Miran discusses the correlation between housing prices and immigration, possible future rate cuts and more on 'The Story.' Asha Sharma, CEO of Microsoft's Xbox division, has been appointed to a newly created Federal Reserve task force focused on "Productivity and Jobs." The appointment comes amid significant public criticism following Microsoft's announcement of layoffs affecting 1,600 employees while also having secured approval to hire thousands of foreign H-1B visa workers.
Sharma will serve on the task force alongside Marc Andreessen, co-founder of Andreessen Horowitz, and Charles I. Jones, an economics professor at Stanford University. The task force aims to review the central bank's analytical tools and policy approaches. Federal Reserve Chairman Kevin Warsh stated that the task force will "carefully consider whether policymakers' means and methods, analytical tools and policy approaches can be improved upon," expressing his honor that leading minds have agreed to contribute.
The appointment has drawn sharp criticism from those who voiced outrage over the recent layoffs and the simultaneous approval for thousands of foreign visa workers. Critics have expressed concern that the perceived replacement of American workers with foreign labor is being incentivized. Online commentary included comparisons such as "It’s like asking El Chapo to lead the DEA" and suggestions that the Federal Reserve is "trying to incentivize" mass layoffs of American workers in favor of foreign ones.
Some critiques have included allegations of a racial component to the H-1B visa hiring, with claims that the primary function of such hires is to replace American workers with cheaper foreign labor. Sharma, who has Indian heritage, was born in Wisconsin. Critics have also pointed to her prior lack of experience in the gaming industry before leading Xbox and her current lack of finance or economic experience advising the Federal Reserve.
Microsoft has stated that layoff decisions are based on business needs, not visa status, and that H-1B employees were also affected by job eliminations. The company spokesperson insisted, "These decisions are based on business need, not visa status."
Separately, Vice President JD Vance announced an investigation into H-1B visa fraud. The Department of Labor has initiated dozens of subpoenas and investigations into individuals allegedly exploiting the program. Vance stated, "American jobs ought to go to American workers and not foreign fraudsters and the Department of Labor is fighting back against it." Microsoft and the Federal Reserve did not immediately respond to requests for comment.