MIT Professor Peter Diamond, the Nobel laureate whose nomination to the Federal Reserve Board has been blocked by Senate Republicans who say he lacks the needed expertise, said Monday he was withdrawing his nomination.
In a New York Times op-ed article, he wrote that "we should all worry about how distorted the confirmation process has become, and how little understanding of monetary policy there is among some of those responsible for its congressional oversight. We need to preserve the independence of the Fed from efforts to politicize monetary policy and to limit the Fed's ability to regulate financial firms.''
Diamond, who was awarded the Nobel Prize last year with two other economists for their work developing studies that examined the ways markets function over a period of time, was nominated by President Obama to the Fed board three times.
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