October 11, 2010 by USA Post
Peter Diamond, a professor at the Massachusetts Institute of Technology (MIT), received the award along with Dale Mortensen of Northwestern University and Christopher Pissarides of the London School of Economics “for hisanlysis of markets with search frictions” according to the Nobel committee citation.
Obama announced his intention to nominate Diamond as Federal Reserve governor at the end of April. The Senate Banking Committee approved his nomination, along with several other candidates, in late July, but the appointment of Diamond held before going to vote for full confirmation.
The senior member of the Banking Committee, Sen. Richard Shelby (R-Ala.), exerted a procedural maneuver to send Diamond nomination back to the White House, forcing the president renominated Obama Professor MIT according to an account in The New York times.
Shelby was opposed to the nomination of Federal Reserve’s diamond, which controls monetary policy in the United States, for lack of experience in macroeconomics.
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