Obama chooses community banker for Fed board

President Barack Obama will nominate Allan Landon, a community banker from Hawaii, to join the Federal Reserve board of governors, the White House announced Tuesday. He was also chief financial officer of First American Corp. and its subsidiary, First American National Bank, from 1998 to 2000. "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