Victoria McCrane writes: Hundreds of community bankers in Washington, DC this week will be raising concerns with lawmakers about the stalled nomination of one of their own to fill an open seat on the Federal Reserve\u2019s seven-member board of governors.<\/p>\n
Nearly 1,000 small bankers are in town for a policy summit hosted by the Independent Community Bankers of America, a trade group, and will be meeting with members of Congress and regulators to press policy priorities, including the pending nomination of former Bank of Hawaii\u00a0chief executive Allan Landon to fill one of two empty seats on the Fed board.<\/p>\n
Senate Banking Chairman Richard Shelby (R., Ala.), whose panel must consider Mr. Landon\u2019s nomination before it can get a full vote on the Senate floor, said he told the White House a couple of weeks ago he won\u2019t schedule a hearing for Mr. Landon until the president nominates a candidate for the other open seat at the Fed.<\/p>\n
\u201cWe\u2019ll see if they come up with two, and we\u2019ll see what we can do,\u201d Mr. Shelby said Tuesday. \u201cThey\u2019ve got another opening. You know, they\u2019ve never been in a hurry,\u201d he said of the administration\u2019s speed on filling open Fed seats.<\/p>\n
The delay does not appear fueled by any GOP objections to Mr. Landon himself. Republicans as well as Democrats had been pushing the White House to embrace a candidate with community banking experience and none has publicly raised any complaints about Mr. Landon\u2019s background.<\/p>\n
\u201cAs is standard when we have vacant positions, the White House is conducting a comprehensive search for experienced and highly qualified individuals,\u201d a White House spokeswoman said about the other vacant Fed governor slot. \u201cWhen we are prepared to make an announcement, we will do so.\u201d<\/p>\n
Mr. Shelby noted that Mr. Obama also has failed to nominate a vice chairman of supervision at the Fed, a new role created by the 2010 Dodd-Frank law to oversee the central bank\u2019s significant regulatory powers. \u201cWe\u2019ve asked them about [that vacancy] over and over. They ought to think about that too,\u201d Mr. Shelby said.<\/p>\n
ICBA is now pressing the White House to produce another Fed nominee as well as pushing the issue on Capitol Hill.<\/p>\n
Community bankers lobbied for years to get someone who understands their point of view onto the Fed board, and enlisted the help of several members of Congress to press the White House. President Barack Obama\u2019s nomination of Mr. Landon in January was seen as a major victory for small bankers.<\/p>\n","protected":false},"excerpt":{"rendered":"
Victoria McCrane writes: Hundreds of community bankers in Washington, DC this week will be raising concerns with lawmakers about the stalled nomination of one of their own to fill an open seat on the Federal Reserve\u2019s seven-member board of governors. … Continue reading