The third time may not be the charm for Nobel Laureate Peter Diamond's effort to get on the Federal Reserve.
Sen. Richard Shelby (R-Ala.) said at Diamond's confirmation hearing today that he would again block the nomination.
“Being a Nobel recipient does not mean one is qualified for every conceivable position,” Shelby said at the hearing. He noted that Diamond had never been a bank regulator or helped manage a financial crisis. Shelby, the top Republican on the Senate Banking Committee, also criticized Diamond for being an “old-fashioned, big-government Keynesian.”
The committee voted Diamond out of committee twice last year but partisan maneuvering by the GOP blocked its consideration by the full Senate.
Chairman Tim Johnson (D-S.D.) called Diamond “distinguished,'' and said he hoped he will be confirmed this time.
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