SENATOR HIRONO CHAMPIONS NEED FOR COMMUNITY BANKING EXPERIENCE ON FEDERAL RESERVE BOARD

WASHINGTON, D.C. –  Senator Mazie K. Hirono today applauded the announcement that President Obama will nominate former Bank of Hawaii Chairman and Chief Executive Officer Allan Landon to serve as a member of the Board of Governors of the Federal Reserve System.

“Our nation’s economic policy should be focused on growing strong local economies that support local businesses, middle class families and vibrant communities,” said Senator Hirono. “Allan Landon’s experience as a community banker and his record of service in the community make him a solid choice to serve on the Federal Reserve Board. His leadership at Bank of Hawaii came at a time when our country went through the financial crisis, and he ensured the bank remained secure and sound. Allan Landon’s nomination demonstrates President Obama’s continued focus on strengthening the middle class.”

In April 2014, Senator Hirono joined a bipartisan group of Senators in writing to President Obama urging him to nominate someone with community banking experience to the Federal Reserve Board. The Senator has also supported legislative efforts to ensure that one seat on the Federal Reserve Board be held by someone with community banking experience.

The Federal Reserve Board of Governors oversees the Federal Reserve System which is made up of 12 regional Federal Reserve Banks. Hawaii is served by the Federal Reserve Bank of San Francisco. The Board is made up of 7 governors who are nominated by the President and must be confirmed by the U.S. Senate. Governors are confirmed to 14 year terms of service. There are currently only 5 members of the Federal Reserve Board.