U.S. President George W. Bush (L) stands with Treasury Secretary Henry Paulson, after thanking Treasury workers for their efforts after the House passed the 700 billion dollar financial rescue legislation, outside the Treasury Building in Washington, Oct. 3, 2008. (Xinhua/Reuters Photo) Photo Gallery>>>

    BEIJING, Oct. 6 (Xinhuanet) -- U.S. Treasury Secretary Henry Paulson is expected to name Neel Kashkari to oversee the government's 700 billion dollar financial rescue program, according to media reports Monday.

    A Treasury assistant secretary for international affairs and a former Goldman Sachs Group Inc. banker, Kashkari, 35 years old, has been a close adviser to Paulson and counseling him on a variety of issues since his nomination in November 2007.

    In his new role, Kashkari will oversee Treasury's effort to buy bad loans and other distressed securities.

    The position is interim pending Senate confirmation and is expected to end after January when the Bush administration comes to an end.

    A Treasury spokesperson was not immediately available to comment.

    President George W. Bush signed a 700 billion dollar financial-market rescue plan into law last week, calling it a "decisive action to ease the credit crunch that is now threatening our economy."

    The stabilization bill authorizes the government to buy troubled assets from financial institutions reeling from record home foreclosures. The Treasury still needs to decide on the hiring of asset managers, securities that need to be bought and ways to purchase them, the Wall Street Journal said.

    Officials, however, do not expect the purchase of assets to start until at least the middle of November.

(Agencies)