Failed gubernatorial candidate Neel Kashkari has a new job.
The Federal Reserve Bank of Minneapolis on Tuesday named Kashkari its next president and chief executive officer.
The 42-year-old Republican will take over on Jan. 1. The bank is one of 12 regional banks of the Federal Reserve System.
“Mr. Kashkari is an influential leader whose combined experience in the public and private sectors makes him the ideal candidate to head the Minneapolis Fed,” MayKao Hang, incoming chair of the Minneapolis Fed’s board of directors, said in a prepared statement. “We were fortunate to have outstanding candidates during our national search. Mr. Kashkari stood out because of his inspiring leadership skills, solutions-oriented nature, collaborative style and deep commitment to public service.”
Kashkari, a former Goldman Sachs executive and U.S. Treasury Department official, was trounced in California’s gubernatorial race last year by Democratic Gov. Jerry Brown.
In a 12-page letter released a day after his defeat, Kashkari said he looked forward to “staying involved and helping move the Republican Party and California forward.”
His new post in another state would make a second run for governor in 2018 unlikely.