Minneapolis Fed Names Ex-TARP Chief Kashkari As New President

The board of directors of the Minneapolis Federal Reserve has chosen Neel Kashkari to be its next president effective on Jan. 1. Kashkari, 42, worked for Treasury Secretary Henry Paulson in the run-up and aftermath of the financial crisis and later ran for governor of California as a Republican. Before joining the government, he worked at Goldman Sachs. He worked for Pimco after leaving Treasury. Kashkari will replace Narayana Kocherlakota, a leading dove on the U.S. central bank, who announced last year that he would leave the Minneapolis Fed when his term ended in early 2016. Kashkari will not be a voting member of the Fed policy committee until 2017.