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Neel Kashkari was named Interim Assistant Secretary of the Treasury for Financial Stability on October 6, 2008. In that role he will head the Office of Financial Stability, in charge of the $700 billion U.S. Government Troubled Assets Relief Program which will buy troubled financial assets from U.S. financial firms. He continues to hold his previous post of Assistant Secretary for International Economics and Development, but his International Affairs responsibilities are delegated to Assistant Secretary for International Affairs Clay Lowery. Kashkari joined the Treasury Department in July 2006 as Senior Advisor to U.S. Treasury Secretary Henry Paulson.

Profile

Kashkari, who is 35 as of 2008, is an Indian-American, from Stow, Ohio, where he attended Stow–Munroe Falls schools before transferring to the Western Reserve Academy in Hudson, Ohio, from where he graduated in 1991. His parents, Chaman and Sheila Kashkari, are from Kashmir, India.

Career

Prior to joining the Treasury Department, Mr. Kashkari was a Vice President at Goldman, Sachs & Co., where he headed Goldman's information technology security investment banking practice in San Francisco. Kashkari has a Bachelor's and Master's degree in engineering from the University of Illinois at Urbana-Champaign and an MBA (2002) from the Wharton School at the University of Pennsylvania. Before enrolling in Wharton's MBA program, Mr. Kashkari worked for the aerospace firm TRW, where, amongst other projects, he worked on the James Webb Space Telescope.

Paulson named Kashkari to oversee the U.S. government's $700 billion financial stabilization program on October 6, 2008, as the interim head of the new Office of Financial Stability. This is an interim appointment; the permanent head of the Office of Financial Stability will require Senate confirmation, which is unlikely before the November elections.

Kashkari's work at TRW

Kashkari worked in the Mechanical Design Department at TRW (now Northrop Grumman Space Technology). He left after June 2000. His last technical assignment was to develop precision latching technology for the Space Interferometer Mission (SIM) and the Next Generation Space Telescope (now JWST). Kashkari designed the latches and test setup, integrated the laser distance measuring interferometers, and demonstrated that the latches could retain their precision to the nano-meter level with appropriate pre-load. This result is now being employed in the JWST wing latches, which must ensure that this contributor to primary mirror wavefront remain stable within a few nano-meters of its allocated error budget.

See also

• Emergency Economic Stabilization Act of 2008

References

1. ^ "Biography of Neel Kashkari". U.S. Treasury. October 6, 2008.
2. Rucker, Patrick (October 6, 2008). "Treasury names rescue program chief". Reuters.
3. ^ "Paulson to name Kashkari to oversee bailout: WSJ". Press Trust of India. October 06, 2008. {{cite news}}: Check date values in: |date= (help)
4. McEwen, Colin (November 27, 2007). "Stow man nominated for U.S. Treasury position". Hudson Hub Times.
5. Henry Paulson names former Goldman Sachs banker Neel Kashkari to head Wall St. bailout Daily News
6. Agha, Miles (October 6, 2008). "Paulson to Tap Adviser to Run Rescue Program". New York: Wall Street Journal.

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