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.”