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SALT LAKE CITY — President Barack Obama nominated a University of Utah business professor to the Federal Reserve’s Board of Governors.
Allan R. Landon, an adjunct professor at the David Eccles School of Business since 2011, was nominated Tuesday to an open position of governor on a seven-member board. Landon will have to be confirmed by the United States Senate before the nomination is approved.
“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.
Prior to his role at the University of Utah, Landon oversaw the Bank of Hawaii from 2004-10. He worked 28 years as a CPA for Ernst & Young and helped fund community bank investment fund BanCapital in Portland, Oregon.
After moving to Utah from Hawaii, Landon approached the U. to see how he could get involved, according to Taylor Randall, dean of the business school.
"I think Al, at the heart of things, believes in volunteering and being part of any community that he lives in," Randall said. "He's one of these guys that will volunteer to do hard things, to give of his own time. That was one of the things that was most impressive to me."
For the past four years, Randall and Landon have co-taught a class that involves debate about business leadership situations, Randall said.
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.
–President Barack Obama
"I never know which side of an issue Al is going to take when we start the debate," he said. "I always just have to take the opposite side. It is always entertaining."
Landon currently is a member of the business school's National Advisory Board, where he helps formulate business strategy and partnerships with companies that could potentially hire students.
He also serves on boards for the Utah Museum of Fine Arts, Smithsonian Institution, PBS, State Farm Mutual Automobile Insurance Company and State Farm Bank. He is also the honorary director of KUED-TV.
Peter Ho, chairman and CEO of Bank of Hawaii Corp., said Landon provided strong leadership for the company during times of economic difficulty.
"It's a terrific honor for Al to be nominated to the Federal Reserve's Board of Governors. He is an outstanding leader and possesses a keen intellect and understanding of the community banking system," Ho said in a prepared statement. "He should make an outstanding addition to the Federal Reserve Board of Governors."
Randall said Landon's "impeccable" background is what made him stand out among other financial experts to assist in leading the Federal Reserve.
"You couldn't find a more qualified person to fill this role, especially when they're looking for a community banker to be on the board," he said. "He's got extraordinary insight, one of the most intuitive thinkers that I've ever seen in the area of finance."
Members appointed to the Board of Governors serve a 14-year term and are to be a “fair representation of the financial, agricultural, industrial, and commercial interests and geographical divisions of the country,” according to federal law. The Board of Governors oversee the Federal Reserve System and helps to develop monetary policies for the United States.
