August 15, 2022

Obama Fed Pick Withdraws

Diamond said on Sunday he planned to withdraw as a nominee for the role at the U.S. central bank after his candidacy was repeatedly opposed by Republicans.

“Peter Diamond, a Nobel laureate and one of the nation’s top economists, would have brought extraordinary expertise and knowledge of the economy to the Board of Governors of the Federal Reserve,” White House spokesman Jay Carney said.

“We are deeply disappointed that this candidate, who had initially seen bipartisan support, fell victim to partisan obstructionism at this important time for our economic recovery.”

Diamond’s withdrawal, a recognition that Republican objections could not be overcome despite three committee votes approving him, leaves the White House with two vacancies to fill on the seven-seat Fed board as the central bank debates what to do about a weak economy after its $600 billion bond buying program ends this month.

Diamond, an MIT professor, is an expert on pensions and behavioral economics.

“The president will nominate an individual for this position as soon as possible and continues to urge the Senate to act on the numerous nominees awaiting confirmation,” Carney said. “The president wishes Professor Diamond the very best in the future.”

(Reporting by Jeff Mason; Editing by Will Dunham)

Article source: http://feeds.nytimes.com/click.phdo?i=d17a4036c66f3bc1fad0060664a19de0

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