Indian American to oversee $700 bn bailout
Meanwhile, US Treasury Secretary Henry Paulson has appoint Indian American Neel Kashkari as the interim head for its new Office of Financial Stability to oversee the $700-billion bailout programme.
Kashkari, a Treasury assistant secretary for international affairs, is the key adviser on whom Paulson has come to rely on during the financial crisis. Paulson is now seeking Kashkari's help to oversee Treasury's $700-billion programme to buy distressed assets from financial institutions.
The position is interim and pending for the Senate confirmation. It is unlikely the Senate would take a call on the matter before the November elections, the report added.
Kashkari, who was one of the originator of the bailout plan, was part of the Treasury team that negotiated the asset-repurchase programme with Congress. Now, he would oversee some key decisions on how the rescue programme would operate.
Image: Neel Kashkari, US Treasury Assistant Secretary for International Affairs. | Rediff.com file photograph
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