June 6, 2011
WASHINGTON – Senate Banking Committee Chairman Tim Johnson (D-SD) released the following statement today commenting on the decision by Dr. Peter Diamond to withdraw his nomination to the Federal Reserve Board of Governors. Dr. Diamond was initially nominated by President Obama in April 2010, and his confirmation was blocked three times by Republican opposition.
“With nearly 14 million Americans unemployed, it is disappointing Republicans would rather play politics than help bring the Federal Reserve to full strength. Dr. Diamond is a Nobel laureate and one of the world’s preeminent experts on labor markets and unemployment. His expertise is clearly relevant to the Federal Reserve’s mandate to ensure maximum employment as well as stable prices. There was no reasonable justification for blocking his confirmation.”