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Obama to nominate community banker for Federal Reserve board

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President Barack Obama will nominate Allan Landon, a community banker from Hawaii, to join the Federal Reserve board of governors, the White House announced Tuesday.

Landon, 66, served as chairman and chief executive of Bank of Hawaii Corporation from 2004 to 2010, and at other positions in the bank for the four years prior to that.

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He was also chief financial officer of First American Corp. and its subsidiary, First American National Bank, from 1998 to 2000.

“Allan Landon has the proven experience, judgment and deep knowledge of the financial system to serve at the Federal Reserve during this important time for our economy,” Obama said in a statement.

“He brings decades of leadership and expertise from various roles, particularly as a community banker. I’m confident that he will serve our country well.”

Landon, whose nomination is expected to easily pass the US Senate, would fill one of two vacancies on the seven-member Fed board, which is led by chair Janet Yellen.

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The proposed nomination was cheered by bankers, often at odds with the Fed’s increased toughness in regulating the sector.

“Allan Landon’s background and experience would help ensure the Federal Reserve has a full perspective on both bank regulatory issues and broader economic policy.

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Community banks help spur economic growth and job creation in cities and towns across our nation,” said Frank Keating, president of the American Bankers Association.

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Enjoy this piece?

… then let us make a small request. Like you, we here at Raw Story believe in the power of progressive journalism — and we’re investing in investigative reporting as other publications give it the ax. Raw Story readers power David Cay Johnston’s DCReport, which we've expanded to keep watch in Washington. We’ve exposed billionaire tax evasion and uncovered White House efforts to poison our water. We’ve revealed financial scams that prey on veterans, and efforts to harm workers exploited by abusive bosses. We’ve launched a weekly podcast, “We’ve Got Issues,” focused on issues, not tweets. Unlike other news sites, we’ve decided to make our original content free. But we need your support to do what we do.

Raw Story is independent. You won’t find mainstream media bias here. We’re not part of a conglomerate, or a project of venture capital bros. From unflinching coverage of racism, to revealing efforts to erode our rights, Raw Story will continue to expose hypocrisy and harm. Unhinged from corporate overlords, we fight to ensure no one is forgotten.

We need your support to keep producing quality journalism and deepen our investigative reporting. Every reader contribution, whatever the amount, makes a tremendous difference. Invest with us in the future. Make a one-time contribution to Raw Story Investigates, or click here to become a subscriber. Thank you.



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Before Trump eyed Greenland: Here’s what happened last time the US bought a large chunk of the Arctic

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Editor’s note: Reports that President Donald Trump has urged aides to look into buying Greenland make us think of the last time the United States bought a major territory in the Arctic: the purchase of Alaska from Russia in 1867. Two years ago, we asked William L. Iggiagruk Hensley, a visiting professor at the University of Alaska Anchorage, to write about that historic sale.

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‘That is ridiculous’: Andrew Gillum obliterates Santorum for claiming guns aren’t ‘problem’ in mass shootings

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CNN contributor Andrew Gillum called conservative pundit Rick Santorum "ridiculous" on Sunday for suggesting that guns are not the problem in mass shootings.

During a CNN discussion on gun control, Santorum criticized calls from Democratic candidates for the government to buy back assault-style weapons in addition to banning them.

"The truth is something has to give," Gillum said. "The stranglehold that the NRA seems to have over Congress, over Washington, D.C., in my opinion, is insane. How can we put the priorities of one interest group above the safety, the security of the American people?"

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CNN’s Jake Tapper confronts Trump adviser Navarro with long list of experts calling him a disaster

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In a highly contentious interview on CNN's "State of the Union", host Jake Tapper confronted Donald Trump's top economic adviser, Peter Navarro, with a seemingly endless list of economists, analysts and business publications who believe he and his economic advice have both been a disaster and that he is not being straight with the public.

After refusing multiple times to concede that President Donald Trump's trade war -- and accompanying tariffs -- are having any effect on an economy that many financial prognosticators believe is headed towards a recession, Tapper confronted the White House adviser with the list of his critics -- including the Wall Street Journal.

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