WASHINGTON — A Senate panel on Thursday voted to confirm Peter Diamond, a professor for the Massachusetts Institute of Technology, to be a member of the Board of Governors for the Federal Reserve Board.
Falling along party lines, the Senate Banking Committee voted 12-10 in favor of the White House nominee, after being held up by Republicans, who have opposed President Obama's pick for the job. A vote by the full Senate is still required.
Diamond, who is also an expert in Social Security, was first named by the president in April 2010, but was not confirmed last year. He was renominated to serve as governor in January.
Republicans, led by Sen. Richard Shelby, R-Ala., have repeatedly raised concerns regarding his qualifications to serve in that role.
That sentiment was reiterated by Shelby during Thursday's vote.
"As I've said many times, I don't believe that Dr. Diamond is the right person for this job," said Shelby of Alabama. "He is, of course, a very accomplished academic and economist in his field, but I don't believe he has the appropriate background and experience that makes him the best person for the job."
In advance of the vote, Sen. Mike Johanns, R-Neb. said Wednesday he would vote in opposition of the president's nomination.
"We must be increasingly wary of the threat of inflation, yet the Fed continues to print money with reckless abandon. Because this nominee's recent comments in support of more stimulus and quantitative easing have demonstrated such an alarming lack of concern over our spending and fiscal realities, I cannot support his nomination," Johanns said in a statement.
If confirmed by the Senate, Diamond's term will expire in 2014.
