Political Ruminations

GOP obstructionists cause Nobel prize-winner to withdraw his nomination to the Fed

Last October, Peter Diamond won the 2010 Nobel prize in economic science. His work is important for its applications to the job market.

The New York Times circa 2010 [emphasis mine]:

President Obama nominated Professor Diamond in April for a Fed board position, where he would serve under his former student, Ben S. Bernanke, the Fed chairman. But in August, under an obscure procedural rule, the Senate sent Mr. Diamond’s nomination back to the White House before starting its summer recess, and a senator questioned his experience.

In August, Senator Richard C. Shelby, Republican of Alabama, said Professor Diamond did not have enough experience for the position. The Web site CqPolitics.com quoted him as saying, “I do not believe that the current environment of uncertainty would benefit from policy decisions made by board members who are learning on the job.”

Yesterday, Professor Diamond withdrew his nomination via an op-ed in The New York Times, stating that it had become clear that Senator Shelby (R-AL) and the Republican caucus would continue to block his nomination.

Obama Nominee Peter Diamond Wins the 2010 Nobel Memorial Prize in Economic Science

And yet….. Republicans refuse to confirm Peter Diamond, one of President Obama’s nominees to the Federal Reserve Board, in their ongoing quest to obstruct The People’s business, citing imaginary concerns about Professor Diamond's qualifications. 

The New York Times [emphasis mine]:

President Obama nominated Professor Diamond in April for a Fed board position, where he would serve under his former student, Ben S. Bernanke, the Fed chairman. But in August, under an obscure procedural rule, the Senate sent Mr. Diamond’s nomination back to the White House before starting its summer recess, and a senator questioned his experience. [….]

In August, Senator Richard C. Shelby, Republican of Alabama, said Professor Diamond did not have enough experience for the position. The Web site CqPolitics.com quoted him as saying, “I do not believe that the current environment of uncertainty would benefit from policy decisions made by board members who are learning on the job.”

FU Senator Richard Shelby [R-AL].

Via Krugman