SACRAMENTO (CBS SF)— Neel Kashkari, a former U.S. Treasury official and architect of the nation’s bank bailout, says he is running for governor of California.
He entered the race Tuesday as a Republican newcomer who faces long odds against incumbent Gov. Jerry Brown, a Democrat.
Kashkari made the announcement in a speech at California State University, Sacramento. He cited California’s public schools and economy as his motivation for running, declaring the status quo is unacceptable.
The 40-year-old Ohio native and son of Indian immigrants has no political experience and has never before sought public office.
He faces a formidable challenge in trying to unseat Brown, who is widely expected to run for another term and has $17 million in his campaign account.
Kashkari ran the $700 billion federal bank bailout known as TARP or the Troubled Asset Relief Program during the last Bush administration.
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