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Thursday, November 12, 2015

Neel Kashkari to Lead Minneapolis Fed

The Federal Reserve Bank of Minneapolis announced that Neel Kashkari will be the Bank’s 13th President and CEO.

Mr. Kashkari has spent time in both the public and private sector, most recently, as a managing director and executive office holder at PIMCO from 2009 to 2013. Prior to joining PIMCO, he served at the Treasury Department, beginning as a special assistant to Secretary Paulson in 2006, before being appointed to oversee the Troubled Asset Relief Program (TARP) in 2008. Prior to joining Treasury, he was a vice president at Goldman Sachs.

Mr. Kashkari’s is viewed as hawkish on monetary policy, describing quantitative easing as “morphine” on his Twitter account. “Makes u feel better but doesn’t cure,” he says.

Though Mr. Kashkari’s appointment will take effect on January 1, 2016, he will not have a voting presence on the Federal Reserve Open Market Committee until 2017.

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