Nobel Prize winner Peter Diamond said on Sunday he planned to withdraw as a nominee for Federal Reserve governor, after his nomination was repeatedly opposed by Republicans.
“It is time for me to withdraw, as I plan to inform the White House,” Diamond, an economics professor at the Massachusetts Institute of Technology, wrote in an opinion piece published in the New York Times titled, “When a Nobel Prize isn’t enough.”
The top Republican on the Senate Banking Committee, Richard Shelby, has criticized Diamond, saying he lacks monetary policy experience.
Full story: Nobel Prize winner Peter Diamond withdraws as Fed nominee, cites party politics