PHILADELPHIA (Reuters) – U.S. Treasury Secretary Henry Paulson is expected to name Neel Kashkari to oversee the $700 billion program to buy distressed assets from financial institutions, The Wall Street Journal reported on Sunday.
Kashkari, a Treasury assistant secretary for international affairs and a former Goldman Sachs banker, is expected to be named interim head of Treasury’s new Office of Financial Stability as early as Monday, the newspaper reported in its electronic edition.
Kashkari, who headed Goldman’s information technology security investment banking practice in San Francisco before joining Treasury, has been advising Paulson on a variety of issues since his nomination in November 2007.
In his new position Kashkari would oversee Treasury’s effort to buy bad loans and other distressed securities, the newspaper reported, citing unnamed people familiar with the matter. A Treasury spokesperson was not immediately available to comment.
(Reporting by Jessica Hall; Editing by Clarence Fernandez)