Nobel Laureate Diamond Is Unqualified for Fed: Mark A. Calabria

Peter Diamond, the Nobel Prize- winning economist nominated for the Federal Reserve Board, should be rejected by the Senate and sent home to Massachusetts. There, where he is a professor at Massachusetts Institute of Technology, he can do the least harm to U.S. monetary policy.

The Senate Banking Committee voted 16-7 last week to recommend Diamond to the full chamber. The opposition came from Republicans led by the panel’s ranking member, Senator Richard Shelby of Alabama. President Barack Obama nominated Diamond in September after an initial bid to place him on the Fed board was blocked in August in a procedural move.