Deputy Board Chair MayKao Hang announces the next president

Minneapolis Fed Board of Directors Deputy Chair MayKao Hang announces Neel Kashkari as president and chief executive officer, effective Jan. 1, 2016.

Transcript of video
Hello, I am MayKao Hang. I’m president and CEO of the Amherst H. Wilder Foundation, which has the mission to improve lives in greater St. Paul and beyond, through direct services, research, and community building. I also serve as deputy chair of the board of directors of the Federal Reserve Bank of Minneapolis, and I’ll be the chair of the board of directors in 2016 and 2017.

Along with Chair Randy Hogan, I recently co-chaired a search committee responsible for completing a national search for the next president of the Minneapolis Fed.

Today it’s my great pleasure to announce the appointment of Neel Kashkari as president and chief executive officer of the Federal Reserve Bank of Minneapolis.

First, let me begin by acknowledging our current president, Narayana Kocherlakota. For the past six years, Narayana has served with great distinction.

Narayana cares passionately about the role of the Federal Reserve and, as a part of that effort, he played such an important role in helping to improve the way the Fed openly communicates to the public.

On behalf of the entire Ninth District, we want to thank Narayana for his tremendous service, commitment, and leadership.

Now, I want to turn our attention to our next leader, Neel Kashkari.

Neel also brings a strong commitment to public service. He cares deeply about public policy and believes that smart policies have the potential to help millions of people have a brighter future.

We believe that Neel has the right combination of skills: policymaking, management and leadership, banking and financial markets, and communications. These skills make him uniquely qualified to lead the Minneapolis Fed and serve as a valued participant on the Federal Open Market Committee.

Neel’s most notable accomplishment was serving as assistant secretary of the Treasury, where he oversaw the Troubled Asset Relief Program—also known as TARP— during the financial crisis. In this role, working under two Treasury secretaries, Neel worked extensively with officials in the Treasury Department, Council of Economic Advisers, the White House, the Federal Reserve Board, and Congress. He won praise for his intellectual capabilities, organizational thinking, collaborative style, and leadership.

Neel plans to serve as president of the Minneapolis Fed to reinforce the Bank’s role as one of our nation’s most influential voices in monetary policy and, importantly, as a constructive voice on the full range of activities and functions within the Federal Reserve System.

Neel is also a Midwesterner, born in Akron, Ohio. He is second-generation American. His parents emigrated to the U.S. from India.

The process that led us to this appointment took about eight months. The search committee consisted of all of the class B and class C directors. These are the directors unaffiliated with banks. We received input and considered nominees from numerous sources. The search committee worked tirelessly to identify the right candidate.

We sought candidates with the following attributes: a broad knowledge of economics and markets, a record of successful organizational leadership and vision, dedication to the mission of the Federal Reserve System, commitment to public service, and unquestionable integrity and character.

A Reserve Bank president must also be a skilled communicator. Not only do they inform citizens of economic conditions and System actions, but they must also listen to the voices of their district. They convey that information to the Federal Open Market Committee, which contributes to the creation of national monetary policy. We are pleased to have found these traits and qualities in Neel.

The Federal Reserve is unique in that it is a decentralized central bank. The System’s safety, soundness, and stability come from the 12 regional Reserve Banks that make up the System. With the appointment of Neel, we’re confident that the Minneapolis Fed will continue to be a strong, vibrant, and innovative institution.

On behalf of the board of directors, let me say that we are excited and look forward to Neel’s leadership of the Ninth Federal Reserve District.