President Obama resubmitted to the Senate the nomination of Nobel Prize winning economist Peter Diamond to the Federal Reserve.

Diamond, a professor at the Massachusetts Institute of Technology, saw his confirmation blocked by Republicans who contended that he lacks sufficient experience in monetary policy. They also cited a rule that bans more than two members of the Federal Reserve Board from being from the same Federal Reserve District.

His nomination was approved by the Senate Banking Committee last year but the Senate adjourned without considering it.

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