Neel Kashkari, the administrator of the TARP bank bailouts under two administrations, will be the next president of the Federal Reserve Bank of Minneapolis, the bank announced Tuesday.

Kashkari, who joined the Treasury Department after a career at Goldman Sachs, was also a Republican gubernatorial candidate in California in 2014. Before running for office, he worked at the asset management firm Pimco.

He will replace current President Narayana Kocherlakota, who was scheduled to step down at the end of the year.

MayKao Hang, the incoming chair of the Minneapolis Fed's board of directors who led the search for the new president, called Kashkari the "ideal candidate."

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