The fish, named Tosanoides obama, was discovered during an expedition in June this year to Papahanaumokuakea Marine National Monument in the remote Northwestern Hawaiian Islands.
"We decided to name this fish after President Obama to recognise his efforts to protect and preserve the natural environment, including the expansion of Papahanaumokuakea," said Richard Pyle, scientist at National Oceanic and Atmospheric Administration's Bishop Museum.
"This expansion adds a layer of protection to one of the last great wilderness areas on Earth," said Pyle.
There are two other species in the genus Tosanoides, both from the tropical northwestern Pacific Ocean.
Males of the new species have a distinctive spot on the dorsal fin near the tail, which is blue around the edge and red with yellow stripes in the center.
"The spot on the males is reminiscent of President Obama's campaign logo. It seemed especially appropriate for a fish named in honor of the president," said Pyle.
"The new fish is special because it is the only known species of coral-reef fish endemic to the Monument - meaning that the species is found nowhere else on Earth," he said.
However, unlike all the other Hawaiian endemic species, which also occur in the main Hawaiian Islands, this new species is special because it is the only one that is limited to within the Monument itself.
"Endemic species are unique contributions to global biodiversity," Kosaki said.
"With the onslaught of climate change, we are at risk of losing some of these undiscovered species before we even know they exist," he said.
This is the second new species of fish from Papahanaumokuakea named this year.
President Obama also has several species from other locales named after him: a trapdoor spider, a speckled freshwater darter (fish), a parasitic hairworm and an extinct lizard.
The study was published in the journal ZooKeys.
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