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Diamond In A Rough, Uphill Battle For Federal Reserve Appointment

January 11, 2011 by  

Diamond in a rough, uphill battle for Federal Reserve appointmentPresident Barack Obama is not giving up on Massachusetts Institute of Technology professor Peter Diamond, who has again been nominated to serve on the Federal Reserve Board of Governors.

On Jan. 5, the President officially nominated Diamond — winner of the 2010 Nobel Prize in Economic Sciences — for the third time since last April. On several occasions, Republicans in the Senate stalled the appointment of Diamond. With six more seats occupied by the GOP in 2011, Diamond's future with the nation's central bank is even more unclear.

Senator Richard Shelby (R. Ala.), who is the ranking Republican on the Senate Banking Committee, said that his stance on Diamond has not changed.

"Senator Shelby remains firmly opposed to the nomination," his spokesman Jonathan Graffeo said in an email to FOX News.

Diamond didn't help his cause with Republicans last year when he publicly opposed the George W. Bush-era tax cut extension for the wealthiest Americans.

According to media reports, Federal Reserve chairman Ben Bernanke addressed the Senate Budget Committee on Jan. 7, saying that expected the economic recovery to be "moderately stronger" in 2011. In his first address to the new Congress, Bernanke said it could take "four or five more years for the job market to normalize fully," according to The New York Times

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