Summary Box: Nobel Prize winner fights for Fed job

AP News
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Posted: Mar 08, 2011 5:03 PM
Summary Box: Nobel Prize winner fights for Fed job

NOT SWAYED: A Nobel Prize isn't enough to change Sen. Richard Shelby's mind about Peter Diamond. The Alabama Republican said Tuesday that Diamond's still not qualified to sit on the Federal Reserve.

REPUBLICAN RESISTANCE: The opposition raises the likelihood that President Barack Obama's choice for the Fed will be blocked a third time. The Senate Banking Committee twice approved Diamond's nomination last year along partisan lines. He was never confirmed by the full Senate.

QUESTIONING QUALIFICATONS: Shelby says Diamond, a professor at Massachusetts Institute of Technology, lacks practical experience for the Fed job.