President Obama to renominate Diamond to Fed, official says

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http://www.reuters.com/article/idUSTRE6BM06C20101223?feedType=RSS&feedName=politicsNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Reuters%2FPoliticsNews+%28News+%2F+US+%2F+Politics+News%29

U.S. President Barack Obama will again nominate economist Peter Diamond to the Federal Reserve Board next year, a White House official said on Thursday, setting up a potential clash with Republicans, who will have more influence in the new Senate.

The Senate scuttled Diamond's nomination on Wednesday by failing to vote on it before adjourning a lame duck legislative session for the year.

The White House official offered no further details on the plan to renominate Diamond, a Nobel prize-winning professor at the Massachusetts Institute of Technology.

There was also no word on whether the Obama administration would renominate North Carolina bank commissioner Joseph Smith to head the agency that oversees housing finance companies Fannie Mae and Freddie Mac. Smith's nomination also died without Senate action.