Senator Shelby opposes Fed nominee Diamond

Reuters News
Posted: Mar 21, 2011 3:04 PM

WASHINGTON (Reuters) - The top Republican Senator on the legislature's banking panel on Tuesday renewed his opposition to President Barack Obama's nominee to serve on the Federal Reserve, Peter Diamond, calling him a supporter of big government.

"Dr. Diamond is an old-fashioned, big government Keynsian," said Richard Shelby, whose opposition stymied Diamond's nomination last year although the MIT professor and Nobel economics laureate was twice approved by the Democratic Party-controlled banking panel.

(Editing by Theodore d'Afflisio)