The Federal Reserve Bank of Minneapolis has named former banker and senior advisor, Neel Kashkari as its newest President and Chief Executive Officer (CEO), according to a recent report from the Wall Street Journal.
Mr. Kashkari’s appointment will be tendered with effect on January 1, 2016, succeeding Narayana Kocherlakota who presently holds the office and is slated to relinquish the position at the of the 2015 year.
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In his new role, Mr. Kashkari will help participate in the Federal Reserve’s policy committee meetings. The timing coincides with the ongoing possibility of raising federal interest rates for the first time in over seven years, which have helped hold markets in stasis for months in anticipation.
Moreover, as President and CEO of the Minneapolis Fed, Mr. Kashkari will also help manage the unit’s 1,100 employees, all of whom are instrumental in conducting economic research and supervising financial institutions.
Prior to the appointment, Mr. Kashkari worked for the US Treasury Department in 2006 as a senior advisor, before shifting to a new role as an assistant secretary between 2008 and 2009. After leaving the Bush Administration, Mr. Kashkari also worked as a money manager for Pimco up until 2013. In 2014, he left the role to undergo an unsuccessful bid as a California governor.