U.S. President Barack Obama on Tuesday nominated former Bank of Hawaii chief executive Allan Landon to join the U.S. Federal Reserve’s board of governors.
Lawmakers had been urging the White House to appoint someone with community bank experience to the board. If confirmed by the U.S. Senate, Landon would have a permanent vote on monetary policy and help implement the 2010 Dodd-Frank financial oversight law.
Landon, a partner with private investment fund Community BanCapital, served as chief executive officer of the Bank of Hawaii from 2004 until 2010.
BanCapital, based in Portland, Oregon, invests in the debt of community banks. According to the fund’s website, Landon, 66, was responsible for “sourcing, evaluating and monitoring investments.”
He worked as chief financial officer at Bank of Hawaii for four years before becoming CEO. Previously, he had been the CFO at First American in Tennessee and before that had worked at accounting firm Ernst & Young.
The nomination comes as the Fed prepares for its first interest rate increase since 2006, which is expected around mid-year.