Banking Committee to Hold Hearing on Peter Diamond Nomination

The Senate Banking Committee “said on Tuesday it would hold a hearing on the nomination of Nobel laureate Peter Diamond to be a member of the Federal Reserve Board on March 8,” Reuters reports.

Diamond’s nomination failed to advance last year after Republican members of the committee questioned his monetary policy qualifications.

The committee approved his nomination twice but his appointment languished as critics used procedural tactics to stall it, and President Barack Obama renominated Diamond this year.

Diamond, who is “known for his work on behavioral economics, has written extensively on pensions and retirement benefits, including the Social Security system.”

He won a Nobel late last year for his research on labor markets.

The top Republican on the Senate Banking Committee, Richard Shelby, has said he does not believe Diamond’s credentials are appropriate for someone who would help steer U.S. monetary policy.

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Filed under Federal Reserve, Hearings, Nominations

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