Obama Fed pick withdraws, slams partisan politics June 12, 2011 at 3:52 am
Nobel Prize winner Peter Diamond stated on Sunday he planned to withdraw as a nominee for Federal Reserve governor, soon after his nomination was repeatedly opposed by Republicans.
“It is time for me to withdraw, as I plan to inform the White Property,” Diamond, an economics professor in the Massachusetts Institute of Technologies, wrote in an opinion piece published within the New York Times titled “When a Nobel Prize is not adequate.”
The leading Republican on the Senate Banking Committee, Richard Shelby, has criticized Diamond, saying he lacks monetary policy experience.
Diamond’s withdrawal, a recognition that Republican objections couldn’t be overcome in spite of three committee votes approving him, leaves the White Property with two vacancies to fill on the seven-seat Fed board as the central bank debates what to accomplish about a weak economic climate recovery right after its $600 billion bond purchasing program ends this month.
Diamond’s nomination fell victim to Republican score settling — underneath Democratic manage, the Senate in 2008 blocked a nominee of Republican President George W. Bush. Another factor was a newly invigorated opposition to government and monetary intervention to stimulate economic growth in the course of recessions.
Error processing request