America is coming through a financial crisis many say is worse than the 2007-2008 recession. On Friday, March 5 at 12:00pm ET, Washington Post Live will hear from one of the men who helped guide the United States through that most recent economic crash. Neel Kashkari, the president and CEO of the Federal Reserve Bank of Minneapolis, will discuss with Washington Post economics correspondent Heather Long his views on the long-term outlook for America’s economic recovery, his belief that quality public education is a fundamental right, and the critical role his running of the Troubled Assets Relief Program (TARP) played in the United States weathering the crash of 2007-2008.

Highlights

The most recent jobs report says the unemployment rate fell to 6.2 percent, but Neel Kashkari, the president and CEO of the Federal Reserve Bank of Minneapolis, says the unemployment rate is probably closer to 9.5 percent. “Many people have left the labor force, they’ve given up looking for work, so they’re not counted as unemployed.” (Washington Post Live)
Neel Kashkari, the president and CEO of the Federal Reserve Bank of Minneapolis, says women, low income workers and those who work in the service industry have been disproportionately affected by the coronavirus pandemic. “That’s where we see the most economic pain, and those are the folks that we really need to work hard to reach to bring back in. It’s not only important for them, of course that’s true, it’s also important for our economy’s potential. (Washington Post Live)
Neel Kashkari, the president and CEO of the Federal Reserve Bank of Minneapolis, says any economic relief package Congress passes has to last as long as the pandemic does. “It really, in my mind, is not meant to be stimulus, it’s meant to be relief for those families who have lost jobs and for those small businesses who have been dramatically affected by this. I just firmly believe, and I applaud Congress for being aggressive, that they should continue to support people who have lost their jobs until we can get this pandemic behind us.” (Washington Post Live)

Neel Kashkari

Neel Kashkari took office as president and chief executive officer of the Federal Reserve Bank of Minneapolis on Jan. 1, 2016, following a national search conducted by the Bank’s independent board of directors.

In this role, he serves on the Federal Open Market Committee, bringing the Ninth District’s perspective to monetary policy discussions in Washington, D.C. In addition to his responsibilities as a monetary policymaker, Kashkari oversees all operations of the Bank, including supervision and regulation, treasury services, and payments services.

Kashkari leads the Bank’s many initiatives. Among them, he was instrumental in establishing the Opportunity & Inclusive Growth Institute, whose mission is to ensure that world-class research helps to improve the economic well-being of all Americans.

Most recently, he has joined with retired Minnesota Supreme Court Justice Alan Page to propose amending Minnesota’s constitution to make a quality public education a fundamental right. This effort supports the Fed’s mandate to achieve maximum employment, with education being a key to obtaining a good job.

Under Kashkari’s leadership, the Minneapolis Fed also released an action plan on “Ending Too Big to Fail,” which calls for tighter bank regulations to avoid future taxpayer bailouts of large financial institutions.

Committed to increasing transparency at the Fed, Kashkari has published in the Wall Street Journal, Washington Post, and Financial Times and is active on Twitter and Instagram. He also serves on the board of the Economic Club of Minnesota and as a member of the Aspen Economic Strategy Group.

Kashkari began his career as an aerospace engineer at TRW in Redondo Beach, Calif., where he developed technology for NASA space science missions. Following graduate school, he joined Goldman Sachs in San Francisco, where he helped technology companies raise capital and pursue strategic transactions.

From 2006 to 2009, Kashkari served in several senior positions at the U.S. Department of the Treasury. In 2008, he was confirmed as assistant secretary of the Treasury. In this role, he oversaw the Troubled Assets Relief Program (TARP) during the financial crisis. Kashkari received the Alexander Hamilton Award, the Treasury Department’s highest honor for distinguished service.

Following his tenure in Washington, Kashkari returned to California in 2009 and joined PIMCO as managing director and member of the executive office. He left the firm in 2013 to explore returning to public service and, in 2014, ran for governor of California on a platform focused on economic opportunity.

Raised in Ohio, Kashkari earned his bachelor’s and master’s degrees in mechanical engineering at the University of Illinois at Urbana-Champaign and his MBA from the Wharton School at the University of Pennsylvania.

He lives with his wife, Christine, children, Uly and Tecumseh, and Newfoundland dogs—Webster and Newsome—in Orono, Minn.