Obama taps community banker from Hawaii for vacancy on Federal Reserve Board WASHINGTON – 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 said Tuesday 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.The decision comes after a lobbying campaign by community bankers who argued that the Fed, which regulates banks, should have at least one community banker on its board.The White House said that Landon had compiled a strong record in leading the Bank of Hawaii, one of the largest in the state, through the 2008 financial crisis. Landon served as chairman and chief executive officer of the bank from 2004 to 2010.Camden R. Fine, president of the Independent Community Bankers, an industry lobbying group, praised the White House selection.“Having someone with community bank experience, such as Landon, on the board will ensure that community bank interests are more fully understood as the board considers the impact of its policies on smaller banks and the communities and rural areas they serve,” Fine said in a statement.The Fed has had two unfilled positions since last spring. Sarah Bloom Raskin stepped down in March after being picked by Obama to become deputy Treasury secretary and Jeremy Stein left in May to return to his post as an economics professor at Harvard University.The seven members of the Fed board in Washington and the presidents of the Fed’s 12 regional banks serve on the Federal Open Market Committee, the Fed panel that meets eight times a year to set interest rate policies. The Fed board is also a leading bank regulator through its role overseeing bank holding companies.At its last meeting in December, the FOMC said it planned to be “patient” in deciding when to raise a key short-term interest rate, which has remained at a record low near zero for the past six years. Most private economists believe the first rate hike will not occur until the middle of this year. AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email by Martin Crutsinger, The Associated Press Posted Jan 6, 2015 1:34 pm MDT
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