Community banker Allan Landon was on Tuesday nominated for a seat on the board of Federal Reserve.
US President Barack Obama picked Landon for the top post in response to calls for a higher voice for Main Street in the deliberations of the American central bank.
Landon, one of the partners at private investment fund Community BanCapital, held the post of chief executive of the Bank of Hawaii between 2004 and 2010. He had earlier worked as the chief financial officer of the bank and First American in Tennessee’s CFO.
Releasing a statement, Independent Community Bankers of America President Camden Fine said, “Landon’s experience as the CEO of a community bank and his broader sector experience will bring a much-needed community bank perspective to the board’s deliberations.”
He has close ties with Obama’s family and Washington.
Landon has also served on the boards of the Corporation for Public Broadcasting and the Smithsonian Institution.
Many Capitol Hill lawmakers had sought the White House to nominate someone having experience of community banking to one of the two open seats on the board of central bank, expressing concern over too much sway of the big Wall Street companies.
Landon, if confirmed by the Senate, would be having a regular vote on the country’s monetary policy, even if the focus of Fed governors, with community banking backgrounds, is more on regulatory and supervision issues.
The nomination by the American President comes at a time when the Federal Reserve gears up for its first interest rate hike since 2006, which is expected to take place around mid-year.