Obama Resubmits Peter Diamond's Fed Nomination to the Senate

President Barack Obama resubmitted his nomination of Peter Diamond as a Federal Reserve Board member to the Senate after the original nomination was rebuffed.

Obama nominated Diamond, an MIT economist, in April, but the nomination failed to carry over through the Senate's summer recess because of objections from at least one lawmaker.

The Senate's banking committee voted 16-7 in favor of Diamond's nomination in July, with all of the opposition coming from Republican members, Bloomberg News reported.

Christopher Dodd, chairman of the banking committee, said lawmakers should confirm the nominees before adjourning for the Nov. 2 midterm elections.

"It's very important we get it done in this three-week period if we can," Dodd said.

Obama is trying to fill two other positions at the Fed, with nominees for vice chairman and a governor position also awaiting confirmation.

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