Obama nominates Allan Landon as Fed board governor

U.S. President Barack Obama nominated Allan Landon, the former Bank of Hawaii chief executive, to serve on the Board of Governors of the Federal Reserve System on Tuesday to fill in the vacancy of the seven-member team.

"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 a statement, underlining his leadership and expertise as a community banker.

Lawmakers have been demanding President Obama to appoint someone with community bank experience to the board. Landon served as Chairman and Chief Executive Officer of Bank of Hawaii Corporation from 2004 to 2010. He is a Partner in Community BanCapital.

If the nomination is confirmed by the Senate, there will still be one vacancy of the seven-member board.

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