Obama To Re-Nominate Nobel Prize Winner To Fed

The White House says President Obama will resubmit the nomination of a Nobel prize-winning economist to the Federal Reserve, even though he faces stronger opposition from the next Congress.

Peter Diamond's nomination fizzled when the Senate adjourned Wednesday without acting on it.

Senate Republicans had opposed the Massachusetts Institute of Technology professor's nomination, questioning his qualifications for the job. The party picks up six seats in the next Congress, making his confirmation even more difficult.

Diamond is an authority on Social Security, pensions and taxation. He won the Nobel prize in economics in October.

The Fed has seven seats on its board, although it hasn't operated with every seat filled since 2006.