The department announced that Treasury Secretary Henry Paulson had appointed Neel Kashkari to oversee the Troubled Assets Relief Program and the newly created Office of Financial Stability.
Kashkari, a former executive at Goldman Sachs, is the assistant Treasury secretary for International Economics and Development. He joined Treasury in July 2006 and worked on several of Treasury's initiatives in response to the housing crisis - including the formation of the mortgage industry alliance Hope Now.
Kashkari will manage the centerpiece of one of the country's most far-reaching government interventions in the economy - purchasing and managing up to $700 billion in troubled assets to unclog the credit market.
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