Tags: obama | federal reserve | governor | banker

Obama Said to Pick Former Bank of Hawaii CEO to Be Fed Governor

Tuesday, 06 Jan 2015 02:01 PM

President Barack Obama plans to nominate Allan Landon, the former chief executive officer of the Bank of Hawaii Corp., to be a Federal Reserve Board governor, two people familiar with the matter said.

The White House’s announcement may come later Tuesday, according to the people, who asked not to be identified discussing the plans beforehand.

Landon was chairman and CEO of Bank of Hawaii from September 2004 to July 2010, according to a biography on the website of the University of Hawaii at Manoa’s William S. Richardson School of Law, which lists him as a lecturer with a degree from Iowa State University.

A White House spokesman didn’t immediately respond to requests for comment.

Fed governors are nominated by the president and confirmed by the Senate. While the Fed Board traditionally has had a community banker or supervisor on the seven-seat board, that role hasn’t been filled since Governor Elizabeth Duke, a former executive at a Virginia community bank, retired in August 2013.

The Fed Board has had two empty seats since the departure of governors Sarah Bloom Raskin in March and Jeremy Stein in May. Obama hasn’t yet nominated a Fed vice chairman for supervision, a new position created by the Dodd-Frank Act of 2010. The role has been unofficially performed by Fed Governor Daniel Tarullo.

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President Barack Obama plans to nominate Allan Landon, the former chief executive officer of the Bank of Hawaii Corp., to be a Federal Reserve Board governor, two people familiar with the matter said.
obama, federal reserve, governor, banker
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2015-01-06
Tuesday, 06 Jan 2015 02:01 PM
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