The Federal Reserve Bank of Minneapolis announced today that Neel Kashkari has been named the company’s 13th president and chief executive officer, effective January 1, 2016. Current President and CEO Narayana Kocherlakota will end his tenure on December 31, concluding a five -ear run as head of the Federal Reserve Bank of Minneapolis.
One of 12 regional Reserve Banks that make up the Federal Reserve System, the Federal Reserve Bank of Minneapolis participates in setting national monetary policy, supervises numerous banking organizations, and provides a variety of payments services to financial institutions and the U.S. government. With Kashkari’s experience, the company should continue to be in good hands.
“Mr. Kashkari is an influential leader whose combined experience in the public and private sectors makes him the ideal candidate to head the Minneapolis Fed,” said MayKao Hang, incoming chair of the Minneapolis Fed’s board of directors and co-chair of the search committee. “We were fortunate to have outstanding candidates during our national search. Mr. Kashkari stood out because of his inspiring leadership skills, solutions-oriented nature, collaborative style and deep commitment to public service.”
Kashkari, 42, has had a distinct career spanning both the private and public sectors. In the private sector, he was most recently managing director and member of the executive office at PIMCO, before resigning in January 2013 to explore a run for public office. In 2014, he announced his candidacy for governor of California and came in second in California’s nonpartisan blanket primary, but lost the general election to incumbent governor Jerry Brown.
“Mr. Kashkari is an influential leader whose combined experience in the public and private sectors makes him the ideal candidate to head the Minneapolis Fed.”
MayKao Hang, Incoming Chair of the Minneapolis Fed’s Board of Directors
Prior to joining PIMCO in 2009, Kashkari served in the U.S. Department of the Treasury from 2006 to 2009, first as senior adviser to Secretary Henry Paulson, and then as assistant secretary of the Treasury. In the latter role, he established and led the Office of Financial Stability and oversaw the Troubled Asset Relief Program (TARP) for both Presidents George W. Bush and Barack Obama. Before joining the Treasury Department, Kashkari was a vice president at Goldman Sachs in San Francisco.
Additionally, Kashkari holds an MBA from the Wharton School of the University of Pennsylvania and bachelor’s and master’s degrees in mechanical engineering from the University of Illinois at Urbana-Champaign.
“I am truly honored to have the opportunity to lead the Federal Reserve Bank of Minneapolis. I look forward to working with the Bank’s dedicated staff and continuing the Bank’s long-standing tradition of excellent service to the Ninth Federal Reserve District and to the nation,” Kashkari said. “The Minneapolis Fed has built a strong reputation for economic research and thought leadership as well as excellence in Bank operations. I am delighted that I will be working with the Federal Reserve Bank of Minneapolis team to build on the Bank’s many achievements.”