SALT LAKE CITY — President Barack Obama is hoping a University of Utah business professor will fill one of two vacancies in the Federal Reserve Board of Governors, the university announced Wednesday.
Allan Landon, an adjunct professor at the David Eccles School of Business, was nominated Tuesday by Obama to join the seven-member board that oversees the Federal Revenue System and establishes much of the nation's monetary policy.
"Allan Landon has the proven experience, judgment and deep knowledge of the financial system to serve the Federal Reserve during this important time for our economy," Obama said in a prepared statement. "He brings decades of leadership and expertise from various roles, particularly as a community banker. I'm confident that he will serve our country well."
Landon's appointment is pending approval by the U.S. Senate, and he was unable to comment on the nomination Wednesday per a request by White House staff, according to a university spokesman.
Prior to becoming a professor at the U. in 2011, Landon held top positions at financial institutions across the country. Between 2000 and 2010, he served at Bank of Hawaii Corp. as chairman, CEO, president, and chief operating, financial and risk officer. Previously, he was chief financial officer for First American National Bank and a partner at Ernst & Young Global Limited.
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.
"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."
Landon is a graduate of Iowa State University and currently resides in Park City with his wife, Sue.
Email: mjacobsen@deseretnews.com, Twitter: MorganEJacobsen