Obama taps community banker from Hawaii for vacancy on Federal Reserve Board

Economic IndicatorsAssociated Press

President Barack Obama has selected the former head of a community bank in Hawaii to fill a vacancy on the Federal Reserve Board.

The White House says that Obama will nominate Allan R. Landon, the former chief executive of the Bank of Hawaii, to fill one of two vacancies on the seven-member board. The nomination will require Senate confirmation.

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The decision comes after a lobbying campaign by community bankers who argued that the central bank, which regulates banks, should have at least one community banker on its board.

In background information, the White House said that Landon had compiled a strong record in leading the Bank of Hawaii through the 2008 financial crisis. Landon served as chairman and chief executive officer of the bank from 2004 to 2010.