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.
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.
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.
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.