On January 6, 2014, President Obama nominated former community banker, Allan Landon, to a seat on the U.S. Federal Reserve’s board. Landon, a partner at private investment fund Community BanCapital, was chief executive of the Bank of Hawaii from 2004 until 2010. Previously, he had worked as the bank’s chief financial officer and as CFO at First American in Tennessee. 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 of the community banking sector. Mr. Landon would become the first Fed governor with community banking experience since Elizabeth A. Duke left the board in 2013. Landon was nominated to fill the remaining term of Sarah Bloom Raskin, who stepped down in March after being picked by Obama to become deputy Treasury secretary. The White House indicated Landon would be nominated to fill the final year of Raskin’s term, which ends Jan. 31, 2016, and a full 14-year term after that.
“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. 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.”” President Obama said.