President Barack Obama has nominated former Bank of Hawaii Chief Executive Allan Landon to a seat on the Federal Reserve’s Board of Governors.
“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 announcing the nomination Tuesday. “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’s nomination comes after months of pressure by the community banking industry, which is regulated by the Fed and which has argued that the Fed’s seven-member board should include at least one person with relevant experience. The industry’s campaign also has won broad bipartisan support in Congress, which could help Landon to win confirmation from the Republican-controlled Senate.
The Fed, which is led by chairwoman Janet Yellen, is responsible for making key decisions involving interest rates.
Landon, 65, ran Bank of Hawaii, the state’s second-largest bank, from 2004 to 2010. Bankoh had $14.5 billion in assets at the end of the third quarter of last year.
Under Landon’s leadership, the bank survived the financial crisis without federal assistance and prospered in its aftermath.
“It’s a terrific honor for Al to be nominated,” said Peter Ho, chairman, president and CEO of Bank of Hawaii. “He is an outstanding leader and possesses a keen intellect and understanding of the community banking system. During his tenure at Bank of Hawaii, Al navigated the organization deftly through the financial crisis.
“All of us here at Bank of Hawaii are proud of his nomination and are glad to see him expand his reach outside of Hawaii similarly to how his predecessor, Mike O’Neill did in becoming current chairman of Citigroup. He should make an outstanding addition to the Federal Reserve Board of Governors.”
After retiring from Bankoh, Landon helped to create BanCapital, a community bank investment fund based in Portland, Ore. He has also taught at the University of Utah and the University of Hawaii, and he serves on the boards of the Public Broadcasting Service and the Smithsonian Institution.
The New York Times News Service contributed to this report.