Neel Kashkari

Neel Kashkari
Born	Neel Tushar Kashkari 30 07, 1973
Birthplace	Akron, Ohio, U.S.
Nationality	American
Occupation	Central banker, economist, former government official
Title	13th President of the Federal Reserve Bank of Minneapolis
Employer	Federal Reserve Bank of Minneapolis
Known for	President of the Federal Reserve Bank of Minneapolis; overseeing the Troubled Asset Relief Program (TARP)
Education	Wharton School, University of Pennsylvania (MBA)
Awards	White House Fellow

Neel Tushar Kashkari (born July 30, 1973) is an American banker, economist, and former government official who has served as the 13th president of the Federal Reserve Bank of Minneapolis since January 1, 2016. A figure whose career has traversed the worlds of aerospace engineering, investment banking, government crisis management, and central banking, Kashkari first gained national prominence as the interim Assistant Secretary of the Treasury for Financial Stability from October 2008 to May 2009, during which time he oversaw the Troubled Asset Relief Program (TARP), a cornerstone of the United States government's response to the 2008 financial crisis. A member of the Republican Party, Kashkari ran unsuccessfully for governor of California in 2014, losing the general election to incumbent Jerry Brown. In his role at the Minneapolis Fed, he has become known for his positions on financial regulation, monetary policy, and, more recently, for his outspoken defense of Federal Reserve independence.

Early Life

Neel Tushar Kashkari was born on July 30, 1973, in Akron, Ohio. He was born and raised in Ohio, where he attended local schools before pursuing higher education in engineering. As a young man, Kashkari demonstrated an interest in science and technology, which led him to pursue a career in aerospace engineering before transitioning to finance and public service.

Kashkari's family background is of Indian descent. He grew up in the Akron area, where he maintained ties to the local community even after his career took him to Washington, D.C., Wall Street, and California. He returned to his alma mater in Ohio on at least one occasion to speak about his experiences managing the government's response to the financial crisis.

During his undergraduate years at the University of Illinois at Urbana–Champaign, Kashkari studied mechanical engineering. He participated in the Solar Phantom project, a solar-powered vehicle team that competed in the Sunrayce 97, a cross-country solar car race. This early involvement in engineering and innovation foreshadowed a career defined by problem-solving across multiple disciplines.

Education

Kashkari earned his bachelor's degree in mechanical engineering from the University of Illinois at Urbana–Champaign. Following his undergraduate studies, he worked as an aerospace engineer before deciding to shift his career toward finance and business.

He subsequently enrolled at the Wharton School of the University of Pennsylvania, one of the most selective business schools in the United States, where he earned a Master of Business Administration (MBA). The Wharton degree facilitated his transition from engineering into investment banking, setting the stage for his career at Goldman Sachs and later in government.

Career

Aerospace Engineering

After completing his undergraduate degree in mechanical engineering, Kashkari began his professional career as an aerospace engineer. He worked in the aerospace sector before deciding to pursue an MBA and transition into the financial services industry. His engineering background would later be cited as an example of his analytical approach to complex policy problems.

Goldman Sachs

Following his graduation from the Wharton School, Kashkari joined Goldman Sachs as an investment banker. At Goldman, he covered the information technology security sector, advising companies in the technology industry on mergers, acquisitions, and capital markets transactions. His work at Goldman Sachs brought him into contact with Henry Paulson, who served as the firm's chairman and chief executive officer before being appointed Secretary of the Treasury by President George W. Bush in 2006. This connection would prove pivotal in Kashkari's subsequent move into government service.

U.S. Department of the Treasury

Henry Paulson hired Kashkari as an aide at the U.S. Department of the Treasury. Kashkari was eventually named Assistant Secretary of the Treasury for International Economics and Development in July 2008. In this role, he worked on a range of international economic policy issues during a period of escalating financial turmoil.

Troubled Asset Relief Program (TARP)

As the 2008 financial crisis intensified in the fall of that year, Kashkari was named interim Assistant Secretary of the Treasury for Financial Stability on October 6, 2008, a newly created position established to oversee the Troubled Asset Relief Program. TARP was a $700 billion program authorized by Congress through the Emergency Economic Stabilization Act of 2008, designed to purchase distressed assets and inject capital into the banking system in an effort to stabilize financial markets and prevent a broader economic collapse.

At the age of 35, Kashkari became one of the youngest officials to hold such a significant role during a major economic crisis, earning the informal title of "bailout czar" in the media. He served in the position under both President George W. Bush and, briefly, President Barack Obama, from October 2008 until May 1, 2009. His successor in the role was Herbert Allison.

Kashkari's management of TARP placed him at the center of one of the most consequential and controversial government interventions in economic history. The program drew both praise for stabilizing the financial system and criticism from those who viewed it as an unwarranted bailout of Wall Street institutions. Kashkari's role required him to make rapid decisions about the allocation of billions of dollars in taxpayer funds, coordinate with major financial institutions, and testify before Congress on the program's progress and accountability measures.

PIMCO

After leaving the Treasury Department in May 2009, Kashkari joined Pacific Investment Management Company (PIMCO), one of the world's largest bond fund managers. At PIMCO, he was tasked with leading the firm's expansion into the equities market, a significant strategic initiative for a company historically focused on fixed-income investments.

Kashkari served as a managing director and head of global equities at PIMCO, working to build out the firm's equity investment capabilities. He resigned from PIMCO in January 2013, reportedly to explore a run for public office.

2014 California Gubernatorial Campaign

In late 2013 and early 2014, Kashkari began publicly exploring a campaign for governor of California as a Republican candidate. He formally entered the race in early 2014, positioning himself as a fiscally conservative Republican who supported a broader, more inclusive party platform.

Kashkari's candidacy attracted national attention in part because of his role in managing TARP, which made him a well-known figure in economic policy circles but also a potentially controversial candidate given the program's divisive public reception.

During the campaign, Kashkari called for the California Republican Party to adopt a more inclusive posture, particularly on social issues. He was among 131 prominent Republicans who signed an amicus brief supporting same-sex marriage before the U.S. Supreme Court. His campaign focused on economic issues, including poverty, job creation, and education reform.

Political strategist Karl Rove reportedly stated that California Republicans "would be stupid" not to choose Kashkari as their nominee.

In California's nonpartisan blanket primary held on June 3, 2014, Kashkari finished in second place, advancing to the general election against incumbent Democratic Governor Jerry Brown. However, Kashkari faced a significant funding disadvantage and the challenge of running as a Republican in a heavily Democratic state. He lost the general election to Brown by a substantial margin.

President of the Federal Reserve Bank of Minneapolis

On November 10, 2015, Kashkari was named president of the Federal Reserve Bank of Minneapolis, succeeding Narayana Kocherlakota, who had announced his resignation in June of that year. Kashkari assumed the position on January 1, 2016.

As president of the Minneapolis Fed, Kashkari serves as a member of the Federal Open Market Committee (FOMC), the body responsible for setting U.S. monetary policy. He has become known for his public commentary on a range of economic issues, including financial regulation, the "too big to fail" problem in banking, monetary policy, and the independence of the Federal Reserve system.

Policy Positions and Public Statements

Kashkari has been an outspoken voice on the issue of large financial institutions that are considered "too big to fail." Upon assuming the presidency of the Minneapolis Fed, he launched a research initiative examining whether the largest banks still pose a systemic risk to the economy and what regulatory reforms might address the issue.

In February 2026, Kashkari made headlines for his defense of Federal Reserve independence in response to comments by National Economic Council Director Kevin Hassett. Hassett had called for New York Federal Reserve staff to "be disciplined" for research on the economic effects of tariffs. Kashkari characterized these comments as "another step to try to compromise the Fed's independence" and described them as a continuation of political pressure on monetary policy.

In the same month, Kashkari participated in a conversation at the 2026 Midwest Economic Outlook Summit with Jim Ryan, chairman and CEO of Old National Bancorp, where he discussed the economic outlook for the Upper Midwest region and expressed what was described as "cautious optimism" about the economy.

Kashkari has also been a consistent critic of cryptocurrencies. In February 2026, he publicly dismissed cryptocurrencies, including bitcoin and stablecoins, calling them "utterly useless" and describing stablecoins as "buzzword salad."

Personal Life

Kashkari is a resident of Minnesota, where he has lived since assuming the presidency of the Federal Reserve Bank of Minneapolis. He was previously married to Minal Jeshanke; the couple later divorced.

Kashkari is a member of the Republican Party. He was among 131 Republicans who signed an amicus brief to the U.S. Supreme Court in support of same-sex marriage ahead of the court's consideration of California's Proposition 8. The Supreme Court issued its ruling on the case in June 2013.

During his 2014 gubernatorial campaign, Kashkari advocated for a more socially inclusive Republican Party in California, calling for a "bigger tent" approach that would broaden the party's appeal beyond its traditional base.

Recognition

Kashkari's career has included several notable appointments and distinctions. He served as a White House Fellow, a program that provides emerging leaders with the opportunity to work at the highest levels of the federal government.

His appointment to oversee the TARP program at the age of 35 made him one of the most prominent young officials in the federal government's response to the 2008 financial crisis. Media coverage frequently referred to him as the "bailout czar," a designation that reflected both the scale of his responsibilities and the public attention surrounding the program.

His appointment as president of the Federal Reserve Bank of Minneapolis in 2015 placed him among the senior leadership of the U.S. central banking system, a role in which he has continued to shape public discourse on monetary policy, financial regulation, and the independence of the Federal Reserve.

Legacy

Kashkari's career spans a distinctive arc from aerospace engineering to investment banking, crisis-era government service, electoral politics, and central banking. His role in administering TARP during the 2008 financial crisis placed him at the center of one of the defining economic events of the early 21st century. The program he oversaw is credited by many economists with having stabilized the U.S. financial system during its most acute period of distress, though it remained a subject of political controversy for years afterward.

At the Minneapolis Fed, Kashkari has contributed to policy debates on the regulation of systemically important financial institutions and has been a prominent public voice on questions of central bank independence. His willingness to engage publicly on politically charged topics—from the "too big to fail" problem to cryptocurrency regulation to the autonomy of Federal Reserve research—has made him one of the more visible regional Fed presidents in the contemporary era.

His 2014 gubernatorial campaign, while unsuccessful, represented an attempt to reshape the California Republican Party's identity on social issues, advocating for a broader and more inclusive platform at a time when the party faced significant electoral challenges in the state.