Neel Kashkari

Neel Kashkari
Born	Neel Tushar Kashkari 30 07, 1973
Birthplace	Akron, Ohio, U.S.
Nationality	American
Occupation	Banker, economist, public 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 of the University of Pennsylvania (MBA)
Awards	Alexander Hamilton Award (U.S. Department of the Treasury)

Neel Tushar Kashkari (born July 30, 1973) is an American banker, economist, and former political candidate who has served as the 13th president of the Federal Reserve Bank of Minneapolis since January 1, 2016. His career has traced an unusual arc — from aerospace engineering to Wall Street investment banking, through the corridors of the U.S. Treasury Department during the most severe financial crisis since the Great Depression, and into the realm of electoral politics — before arriving at one of the most prominent positions in American central banking. Kashkari first gained national attention when, as interim Assistant Secretary of the Treasury for Financial Stability, he oversaw the $700 billion Troubled Asset Relief Program (TARP) from October 2008 to May 2009, a program that became central to the U.S. government's response to the 2008 financial crisis. A Republican, Kashkari ran unsuccessfully for Governor of California in 2014, losing to incumbent Jerry Brown in the general election. In his role at the Minneapolis Fed, Kashkari has become known for his outspoken positions on financial regulation, monetary policy, and the independence of the Federal Reserve system.

Early Life

Neel Tushar Kashkari was born on July 30, 1973, in Akron, Ohio. His parents were immigrants from India. He was raised in Ohio, where he attended local schools and developed an early interest in science and engineering.

As a young man, Kashkari pursued his technical interests with considerable focus. While a student at the University of Illinois at Urbana–Champaign, he participated in the solar car racing program, contributing to the university's Solar Phantom team that competed in the 1997 Sunrayce. This experience reflected Kashkari's early grounding in applied engineering and collaborative technical projects.

Kashkari's upbringing in Ohio remained a touchstone throughout his career. He returned to his local alma mater years later to discuss his experience managing the federal government's response to the financial crisis, drawing connections between his Midwestern roots and his approach to public service.

Education

Kashkari earned his undergraduate degree from the University of Illinois at Urbana–Champaign, where he studied engineering. His technical education prepared him initially for a career in the aerospace industry.

He subsequently enrolled at the Wharton School of the University of Pennsylvania, one of the leading business schools in the United States, where he earned a Master of Business Administration (MBA). The transition from engineering to business education marked a pivotal turn in Kashkari's career trajectory, steering him away from aerospace and toward the world of finance and investment banking.

Career

Aerospace Engineering

After completing his undergraduate education in engineering at the University of Illinois, Kashkari began his professional career as an aerospace engineer. He worked in the aerospace industry before deciding to pursue an MBA at Wharton, a decision that would redirect his career toward the financial sector.

Goldman Sachs

Following his graduation from the Wharton School, Kashkari joined Goldman Sachs, one of the largest and most prominent investment banks in the world. At Goldman, he worked as an investment banker covering the information technology security sector. His time at the firm provided him with experience in capital markets and corporate finance, and it was during this period that he came into professional contact with Henry Paulson, then the chief executive of Goldman Sachs. This relationship would prove consequential when Paulson later became Secretary of the Treasury under President George W. Bush.

U.S. Department of the Treasury

Paulson, upon becoming Treasury Secretary, recruited Kashkari to serve as an aide at the Department of the Treasury. Kashkari rose through the ranks and was named Assistant Secretary of the Treasury for International Economics and Development, a position he held beginning in July 2008.

As the 2008 financial crisis intensified in the fall of 2008, Kashkari assumed an even more prominent role. On October 6, 2008, he was named interim Assistant Secretary of the Treasury for Financial Stability, a newly created position that carried responsibility for administering the Troubled Asset Relief Program (TARP). The TARP, authorized by Congress through the Emergency Economic Stabilization Act of 2008, provided up to $700 billion to purchase distressed assets and inject capital into financial institutions in an effort to stabilize the U.S. financial system.

At 35 years old, Kashkari became one of the youngest officials ever entrusted with managing a government program of such scale and consequence. Media accounts at the time described him as the "bailout czar," a title that reflected both the scope of his authority and the public scrutiny that accompanied it. The TARP program was deeply controversial, drawing criticism from across the political spectrum — from those who viewed it as an unjustified bailout of Wall Street firms to those who argued it did not go far enough to address the root causes of the crisis.

Kashkari served in the role through both the Bush and Obama administrations, remaining as interim assistant secretary until May 1, 2009, when he was succeeded by Herbert Allison. His tenure at the Treasury Department, though brief, placed him at the center of one of the most consequential episodes in modern American economic history.

PIMCO

After leaving government service in 2009, Kashkari joined PIMCO, the global investment management firm based in Newport Beach, California. At PIMCO, he was tasked with leading the company's expansion into the equities market, a significant strategic initiative for a firm that had built its reputation primarily on fixed-income investing.

Kashkari served at PIMCO for approximately four years. During this period, he maintained a public profile, commenting on economic and fiscal policy issues. He resigned from PIMCO in January 2013 to explore the possibility of running for public office.

2014 California Gubernatorial Campaign

In late 2013, Kashkari began publicly exploring a run for Governor of California as a Republican candidate. Local and national media reported on his deliberations, noting the unusual background he would bring to a gubernatorial race — a former Goldman Sachs banker and TARP administrator seeking elected office in a state dominated by the Democratic Party.

Kashkari formally announced his candidacy in early 2014. He campaigned on a platform that emphasized economic issues, particularly job creation and poverty reduction. He called for a broader, more inclusive Republican Party, positioning himself as a socially moderate Republican. He was among the Republican signatories of a legal brief supporting same-sex marriage rights. In his campaign, Kashkari argued that the Republican Party needed to expand its appeal, calling for a "bigger tent" approach.

The campaign drew national attention in part because of the apparent contradiction between Kashkari's role in the TARP bailout — a program opposed by many conservative and Tea Party-aligned voters — and his bid for office as a Republican. A profile in the National Journal explored whether "the man who ran the hated Wall Street bailout" could win an election. Republican strategist Karl Rove publicly stated that California Republicans "would be stupid" not to support Kashkari as their nominee.

Under California's nonpartisan blanket primary system, all candidates regardless of party appear on the same primary ballot, with the top two vote-getters advancing to the general election. Kashkari finished second in the June 2014 primary, defeating fellow Republican Tim Donnelly to secure a spot in the general election against incumbent Democratic Governor Jerry Brown. Some commentators noted that the primary was characterized by relatively modest campaign spending.

In the general election, Kashkari faced a significant uphill battle against Brown, who held strong approval ratings and the advantages of incumbency in a heavily Democratic state. Kashkari lost the November 2014 general election by a substantial margin. Despite the loss, the campaign raised Kashkari's national profile and demonstrated his willingness to engage in public policy debates beyond the financial sector.

President of the Federal Reserve Bank of Minneapolis

On November 10, 2015, Kashkari was named the 13th president of the Federal Reserve Bank of Minneapolis, succeeding Narayana Kocherlakota, who had announced his resignation in June of that year. Kashkari assumed office 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. In this capacity, he has become known for articulating clear and sometimes contrarian positions on interest rate policy, financial regulation, and the role of the Federal Reserve in the economy.

One of Kashkari's most prominent policy initiatives as Minneapolis Fed president has been his focus on the issue of "too big to fail" financial institutions. Drawing on his firsthand experience managing the TARP during the 2008 crisis, he has argued that large financial institutions continue to pose systemic risks and has called for measures to address this, including the possibility of breaking up the largest banks or imposing significantly higher capital requirements.

Cryptocurrency Skepticism

Kashkari has been a vocal critic of cryptocurrencies. In February 2026, speaking at the Midwest Economic Outlook Summit, he dismissed cryptocurrencies — including Bitcoin and stablecoins — as "utterly useless," characterizing much of the crypto industry's terminology as "buzzword salad." These remarks were consistent with his long-standing skepticism about the utility of digital currencies as a medium of exchange or store of value.

Defense of Federal Reserve Independence

In February 2026, Kashkari emerged as one of the most prominent Federal Reserve officials to publicly defend the central bank's institutional independence in the face of political pressure. After National Economic Council Director Kevin Hassett called for New York Federal Reserve staff to "be disciplined" for publishing research on the economic effects of tariffs, Kashkari publicly criticized the comments, calling them "another step to try to compromise the Fed's independence."

Kashkari characterized the criticism of Fed researchers as a new form of threat to the central bank's independence, arguing that political interference in the Fed's research activities could undermine the institution's ability to conduct objective economic analysis. Bloomberg reported that Kashkari directly criticized Hassett's remarks regarding the New York Fed's tariff analysis.

In an appearance at the Midwest Economic Outlook Summit, Kashkari expressed "cautious optimism" about the state of the economy while reaffirming his belief in the importance of the Federal Reserve's independence from political influence.

Personal Life

Kashkari was previously married to Minal Jeshanke; the couple later divorced. He has generally maintained a relatively private personal life despite his public roles in government, finance, and politics.

Kashkari is a member of the Republican Party. He has taken socially moderate positions on certain issues, including supporting same-sex marriage rights. In 2013, he was among 131 Republicans who signed a legal brief urging the U.S. Supreme Court to support marriage equality in the case concerning Proposition 8.

Recognition

During his tenure at the U.S. Department of the Treasury, Kashkari received the Alexander Hamilton Award, the department's highest honor, in recognition of his role in managing the government's response to the financial crisis.

His management of the TARP program, while generating significant controversy, also drew attention to Kashkari as one of the key figures in the government's effort to stabilize the financial system during the 2008 crisis. USA Today and other major media outlets profiled him extensively during this period, and his subsequent career moves — from PIMCO to the California gubernatorial race to the Minneapolis Fed — continued to attract media coverage.

As president of the Minneapolis Fed, Kashkari has been a frequent participant in public forums, media interviews, and policy discussions. His willingness to take clear, publicly stated positions — whether on the question of "too big to fail" banks, the utility of cryptocurrencies, or the independence of the Federal Reserve — has made him one of the more visible and frequently quoted regional Fed presidents in the United States.

Legacy

Kashkari's career spans several of the most consequential episodes in recent American economic and political history. His role in administering the TARP program during the 2008 financial crisis placed him at the nexus of a debate about government intervention in financial markets that continues to shape economic policy discussions. The TARP itself remains a subject of ongoing analysis and debate among economists, policymakers, and historians, with assessments ranging from those who credit the program with averting a deeper economic catastrophe to those who view it as an inappropriate use of public funds to rescue private financial institutions.

His 2014 gubernatorial campaign, though unsuccessful, illustrated the challenges facing Republican candidates in California and contributed to broader discussions within the Republican Party about the need to appeal to a wider range of voters. His advocacy for socially moderate positions, including support for same-sex marriage, placed him within a strand of Republicanism that sought to update the party's platform on social issues.

At the Minneapolis Fed, Kashkari has continued to shape policy debates through his advocacy for stronger financial regulation and his defense of institutional independence. His public statements on the independence of the Federal Reserve, particularly in the context of political pressure on Fed research activities in 2026, have positioned him as a prominent voice in the broader debate about the relationship between central banking institutions and elected officials.

Kashkari's career trajectory — from aerospace engineering through Wall Street, the Treasury Department, electoral politics, and central banking — reflects the increasingly interconnected nature of American finance, government, and public policy in the early 21st century.