His term will begin on 1 January 2016.
By Sreekanth A Nair
An Indian American named Neel Kashkari has been appointed as the 13th President and Chief Executive Officer of the Federal Reserve Bank of Minneapolis with effect from 1 January 2016.
Narayana Kocherlakota, the present President, who is also an Indian American, will end his tenure on 31 December. Earlier, he had announced that he would not seek reappointment after completing his tenure.
Kashkari’s primary responsibility will be to participate in the Federal Open Market Committee in the formulation of US monetary policy. He will manage 1100 employees of the Federal Reserve Bank in Minneapolis and Helena.
Kashkari, 42, was born July 30, 1973, in Akron, Ohio. He was a candidate of the governor of California elections. He has served in the US Department of the Treasury from 2006 to 2009, first as a senior adviser to Secretary Henry Paulson and then as assistant secretary of the Treasury.
Before joining the Treasury Department, Kashkari was a vice president at Goldman Sachs in San Francisco.
He joined PIMCO in 2009. Before quitting PIMCO in 2013, he worked as the managing director and member of the executive office.
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.
“The class B and C directors were unanimous and enthusiastic in appointing Mr. Kashkari to be the next president and CEO of the Federal Reserve Bank of Minneapolis. Mr. Kashkari is the right person to build on the Minneapolis Fed’s core strengths and successfully lead the Bank into the future,” said Randall Hogan, chairman of the Minneapolis Fed’s board of directors and co-chair of the search committee.
“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,” he added.
The Federal Reserve Bank of Minneapolis is one of the 12 regional Reserve Banks that make up the Federal Reserve System.