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Obama taps community banker Allan Landon for Fed board
Source: Reuters
Obama taps community banker Allan Landon for Fed board
BY EMILY STEPHENSON
WASHINGTON Tue Jan 6, 2015 5:26pm EST
(Reuters) - President Barack Obama on Tuesday nominated former community banker Allan Landon to a seat on the U.S. Federal Reserve's board, responding to calls for a greater voice for Main Street in the central bank's deliberations.
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.
Several lawmakers on Capitol Hill had urged the White House to name someone with community banking experience to one of the two open seats on the central bank's board, concerned that Wall Street holds too much sway.
"Those of us fighting against bailouts and the too-big-to-fail megabanks' special subsidies often get our voices drowned out by Wall Street," said Senator David Vitter, a Louisiana Republican, adding that he intended to meet with Landon.
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BY EMILY STEPHENSON
WASHINGTON Tue Jan 6, 2015 5:26pm EST
(Reuters) - President Barack Obama on Tuesday nominated former community banker Allan Landon to a seat on the U.S. Federal Reserve's board, responding to calls for a greater voice for Main Street in the central bank's deliberations.
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.
Several lawmakers on Capitol Hill had urged the White House to name someone with community banking experience to one of the two open seats on the central bank's board, concerned that Wall Street holds too much sway.
"Those of us fighting against bailouts and the too-big-to-fail megabanks' special subsidies often get our voices drowned out by Wall Street," said Senator David Vitter, a Louisiana Republican, adding that he intended to meet with Landon.
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Read more: http://www.reuters.com/article/2015/01/06/us-usa-fed-nominee-idUSKBN0KF1S720150106
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