As president of the Minneapolis Fed, Kashkari will participate on the Federal Open Market Committee in the formulation of U.S. monetary policy. He will oversee 1,100 employees in Minneapolis and Helena, Mont., who conduct economic research, supervise financial institutions and provide payments services to commercial banks and the U.S. government, along with other supporting activities.

Kashkari, 42, has had a varied career spanning both the private and public sectors. In the private sector, he was most recently managing director and member of the executive office at PIMCO. In January 2013, he resigned from the firm to explore a run for public office. One year later, he announced his candidacy for governor of California. He came in second in California’s nonpartisan blanket primary, but lost the general election to incumbent governor Jerry Brown.

Prior to joining PIMCO in 2009, Kashkari served in the U.S. Department of the Treasury from 2006 to 2009, first as senior adviser to Secretary Henry Paulson and then as assistant secretary of the Treasury. In the latter role, he established and led the Office of Financial Stability and oversaw the Troubled Asset Relief Program (TARP) for both Presidents George W. Bush and Barack Obama.

Before joining the Treasury Department, Kashkari was a vice president at Goldman Sachs in San Francisco. Previously, he was an aerospace engineer at TRW Corp.

Kashkari holds an MBA from the Wharton School of the University of Pennsylvania and bachelor’s and master’s degrees in mechanical engineering from the University of Illinois at Urbana-Champaign.

“The class B and C directors were unanimous and enthusiastic in appointing Mr. Kashkari to be the next president and CEO of the Federal Reserve Bank of Minneapolis. Mr. Kashkari is the right person to build on the Minneapolis Fed’s core strengths and successfully lead the Bank into the future,” said Randall Hogan, chairman of the Minneapolis Fed’s board of directors and co-chair of the search committee.