We won’t have a Nobel winning economist who’s done extensive research on unemployment serving on the Federal Reserve board because Richard Shelby is a dick:
Diamond is among the most accomplished economists of his generation, and last year, was awarded a Nobel Prize in economics. And yet, there was Richard Shelby & Co., insisting that Diamond lacked the qualifications to join the board of governors of the Federal Reserve.
As far as the dimwitted senator and his cohorts were concerned, Diamond’s background is not in monetary policy, which necessarily raised doubts about his nomination. It’s true that this isn’t Diamond’s specific field, but it’s hardly a prerequisite — of the five sitting Fed governors at the time of Diamond’s nomination, three were not specialists in monetary economics. One of Bush’s appointees has no advanced degree in economics at all and has never done any academic research in the field.
Shelby and Republicans will pay no political price for this little maneuver, of course, so this is just for the record.