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By Michael Cohen - AOL News(Aug. 10) -- Few Americans have probably ever heard of MIT economist Peter Diamond. But Diamond and his recent fate should be of concern to all of us, particularly those caught in the vortex of the Great Recession. Diamond is one of President Barack Obama's three nominees to the Federal Reserve Board, which dictates the country's monetary policy. Yet in a senatorial sleight of hand, his nomination has been sent back to the White House and delayed. The presumed culprit is Alabama Republican Richard Shelby, who expressed concern that Diamond would be "learning on the job." This is, to put it ...
Obama Will Name Yellin, Raskin, Diamond to Federal Reserve Board
By Tom Diemer - Politics DailyPresident Obama said Thursday he would name former Clinton White House economic adviser Janet Yellen to the Federal Reserve Board along with Maryland regulator Sarah Bloom Raskin and Massachusetts Institute of Technology economist Peter Diamond. Yellen, president of the San Francisco Federal Reserve Bank, is close to Fed Chairman Ben Bernanke and was tapped by Obama to serve as his second in command in Washington. She was chairwoman of the White House Council of Economic Advisers during President Clinton's second term. The president also intends to nominate Diamond, an economics professor ...
Obama To Pick San Francisco Economist for No. 2 Spot at Fed, Report Says
By Tom Diemer - Politics DailyPresident Barack Obama has decided on Janet L. Yellen, head of the Federal Reserve Bank of San Francisco, as his choice for the No. 2 position at the Federal Reserve, the New York Times reports. Yellen, 63, would succeed Vice Chairman Donald L. Krohn, who will retire when his four-year term at the central bank expires in June. But the selection process for the new Fed job apparently is not complete. The Times said administration officials were still talking with Yellen, who declined to comment when reached at her home. Yellen, who earned a Ph.D in economics at Yale University, was ...
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