–Key Republican Senator: Diamond Nomination In ‘Deep, Deep Trouble’
–Sen Shebly: Will Not Back Off Opposition To Diamond Nomination To Fed
By John Shaw
WASHINGTON (MNI) – Sen. Richard Shelby, the ranking Republican on
the Senate Banking Committee, told Market News International Wednesday
that he continues to strongly opposition the nomination of Peter Diamond
to be a governor on the Federal Reserve Board.
Shelby has been a strong opponent of Diamond’s nomination to the
Fed and persuaded all Senate Republicans on the Senate Banking Committee
to oppose his nomination when it was considered last week.
Diamond’s nomination was approved for the third time by the Banking
Committee last week on a 12 to 10 vote.
“It’s not my place to tell him (Diamond) what he should do, but
let’s just say his nomination is in deep, deep trouble. Deep trouble,”
Shelby said in an interview.
He added that he does not see any circumstances under which his
views would change. “I don’t expect to change my mind,” he said.
Shelby has said Diamond, a Nobel prize winning economist, is not
qualified to sit on the Fed. He argues that he has no specific expertise
in monetary policy.
Shelby appears to have escalated his efforts to block the Diamond
nomination, rallying all Senate Republicans on the Banking panel to vote
against the economist.
This appears to have been a signal that Shelby is willing to use a
filibuster to block a Senate vote on Diamond’s nomination.
** Market News International Washington Bureau: (202) 371-2121 **
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