Kashkari, 42, lost to Gov. Jerry Brown last year but is best known nationally for running the $700-billion bank bailout initiative known as the Troubled Asset Relief Program, or TARP, from 2008 to 2009.
Before that, he had been an executive at Goldman Sachs Inc. After leaving the Treasury Department, Kashkari was managing director at Southern California bond fund giant Pacific Investment Management Co., from 2009 to 2013.
“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, the incoming chairwoman of the Minneapolis Fed’s board of directors.
"Mr. Kashkari stood out because of his inspiring leadership skills, solutions-oriented nature, collaborative style and deep commitment to public service,” said Hang, who was the co-chair of the committee seeking a replacement for outgoing president Narayana Kocherlakota.
Kocherlakota, one of the biggest supporters of the Fed's unprecedented stimulus efforts, said last year he was stepping down after holding the position since 2009.
Kashkari will take over on Jan. 1.
“I am truly honored to have the opportunity to lead the Federal Reserve Bank of Minneapolis," Kashkari said. "I look forward to working with the bank’s dedicated staff and continuing the Bank’s long-standing tradition of excellent service to the 9th Federal Reserve District and to the nation."
Kashkari received mixed reviews from his six-month stint as the first administrator of TARP, the controversial program that ended up turning a modest profit for the federal government.
He received bipartisan praise for his role in conceiving, setting up and administering TARP during its most significant period. But watchdog agencies complained Kashkari was overly secretive and deferential to the big banks.
The Minneapolis Fed is one of 12 regional banks in the Federal Reserve System. Its president also is a rotating member of the Federal Open Market Committee, which sets the central bank's monetary policy.
Kashkari will be an alternate member of the committee next year. In 2017, he will be a voting member.
Each independent regional Fed bank has a board of directors made up of bankers and members of the public. The non-bankers on the board choose the president, subject to the approval of the Fed's Board of Governors in Washington.
Source latimes.com
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