|By Jim Puzzanghera, Los Angeles Times|
Obama tapped into his home state to select
The bank is the second largest in
Before becoming CEO, Landon worked in various positions at the bank. He also was chief financial officer at financial firm
Before going into banking, Landon was a longtime partner at the auditing firm
"He brings decades of leadership and expertise from various roles, particularly as a community banker," Obama said. "I'm confident that he will serve our country well."
The seven-member Fed board has two vacancies.
Fed governors serve 14-year terms and also are voting members on the Federal Open Market Committee, which sets monetary policy.Three of the five Fed governors are economists, including Chairwoman
The only Fed board member with private banking experience is
The Fed board had been without a member with community banking experience since
Vitter introduced legislation that would require at least one Fed board member to have experience working at or supervising community banks. The bill was included as an amendment to a bill that passed the
"Community banks have been getting the short end of the stick in the financial sector and it's only gotten worse since the financial crisis and megabank bailouts," Vitter said at the time.
"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," Fine said.
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