White House spokesman Jay Carney is blasting Republicans for blocking one of President Obama’s nominee’s to the Federal Reserve Board:
“Peter Diamond, a Nobel laureate and one of the nation’s top economists, would have brought extraordinary expertise and knowledge of the economy to the Board of Governors of the Federal Reserve. We are deeply disappointed that this candidate, who had initially seen bipartisan support, fell victim to partisan obstructionism at this important time for our economic recovery. The President will nominate an individual for this position as soon as possible and continues to urge the Senate to act on the numerous nominees awaiting confirmation. The President wishes Professor Diamond the very best in the future.”
Diamond, an MIT professor and Nobel Prize winner, withdrew his name on Sunday after Republicans on the Senate Banking committee blocked the nomination from moving forward for more than a year.
Sen. Richard Shelby, the top Republican on the committee, has said Diamond does not have a sufficient background dealing with monetary policy.