Kashkari could assume the position as interim head of the Treasury Department's new Office of Financial Stability as early as today. He is presently the Treasury Department's assistant secretary for international affairs and a former Goldman Sachs Group Inc. banker; where Paulson was CEO before joining the Bush administration. As head of new office Kashkari will oversee the government's program of buying bad loans from financial firms. The position cannot become permanent until he receives Senate confirmation, which is unlikely to happen before the presidential elections in November.
Paulson decided to pass over other higher profile dealmakers that had lobbied for the job through the press. Both
Bill Gross of hedge fund Pimco and New York City Mayor Michael Bloomberg had told the press they would be interested in the job.
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