As White House, Federal Reserve and Treasury Department staff prepare Janet Yellen to face the U.S. Senate for her nomination as the next Federal Reserve chairman, one experience remains seared in their memories: Ben S. Bernanke’s close call in 2010.
Peter Diamond ’s nomination for a Federal Reserve Board seat was approved a third time by the Senate Banking Committee with little prospect that he’ll win confirmation from the Senate as a central bank governor.
Nobel laureate economist Peter Diamond failed to gain U.S. Senate approval for a Federal Reserve Board seat, signifying that earning his profession’s highest honor wasn’t enough to overcome congressional politics.
Peter Diamond , the Nobel Prize- winning economist nominated for the Federal Reserve Board, should be rejected by the Senate and sent home to Massachusetts. There, where he is a professor at Massachusetts Institute of Technology, he can do the least harm to U.S. monetary policy.