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Obama expected to resubmit Diamond's Fed nomination
August 6, 2010 / 8:31 PM / 7 years ago

Obama expected to resubmit Diamond's Fed nomination

WASHINGTON (Reuters) - President Barack Obama is expected to renominate Peter Diamond to become a member of the Federal Reserve Board, a White House official said on Friday.

The U.S. Senate on Thursday returned Diamond’s nomination to the White House. That was because at least one Senator objected to waiting until the Senate returns from recess to vote on the nomination, sources said, a parliamentary maneuver suggesting his nomination faces some obstacles ahead.

Diamond, an MIT professor and expert on taxes and Social Security, encountered opposition from Republicans in the Senate Banking Committee, which nevertheless backed his nomination last month by a 16-7 margin. Diamond must be approved by the full Senate before he can take a seat on the Fed board.

Two other nominees to the Fed, San Francisco Fed Chairman Janet Yellen and Maryland state banking regulator Sarah Raskin, faced similar opposition in the panel, but neither of their nominations was blocked from being held over until the Senate returns from recess.

Diamond’s nomination will quickly get another vote when it comes back to the Senate, Banking Committee Chairman Christopher Dodd said in a statement.

“Peter Diamond is a strong nominee who had bipartisan support in the Senate Banking Committee,” Dodd said. “While it is unfortunate that Mr. Diamond’s name has been sent back to the President, I am confident that we will be able to act swiftly on his nomination when it is received in the Senate.”

Reporting by Matt Spetalnick and Mark Felsenthal; Editing by Diane Craft

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