Hours after Romney called for an increase in the minimum wage, Kashkari said such a move would be devastating to workers.
Kashkari's remarks at an election event opposing Romney's views of raising minimum wage came days after the former Republican presidential candidate endorsed the Indian-American politician.
In the last few weeks, Kashkari has been endorsed by several top Republican leadership including Jeb Bush, the former Florida Governor.
At a Republican women's group meeting, Kashkari according to Los Angeles Times criticised the US President, Barack Obama, and other Democrats for trying to raise the minimum wage.
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However, he did not mention Romney by name, who has also supported raising minimum wage.
But he did praise Romney.
"I think he would've made an excellent president-and by the way, I think he'd still make an excellent president. You never know. There's some rumours out there. We may still get our hope. He may still fulfil our dreams," Kashkari said.
"Republican Neel Kashkari clashes with Mitt Romney over minimum wage," the Los Angeles Times reported from the event.