White House To Nominate Former Bank Of Hawaii CEO To Fed Board

The White House plans to nominate Allan Landon, a former chief executive of the Bank of Hawaii , as a governor of the Federal Reserve Board, according to several news reports Tuesday. White House spokesman Josh Earnest said he had no comment on the announcement or whether President Barack Obama knew Landon personally. There are currently two vacancies on the seven-member board of the U.S. central bank. The community banking industry and members of Congress have been pushing the White House to name someone with experience at a smaller bank to fill one of those slots. Fed Chairwoman Janet Yellen said she backed the idea.