Los Angeles 10/12/2010 10:26:36 PM
News / Politics

Obama Increases Pressure On Republicans After Diamond Wins Nobel

US President Barack Obama used the occasion of the awarding of Nobel Prize to Peter Diamond (his nominee for the board of Federal Reserve) as an opportunity to put pressure on Senate Republications, who had held up the nomination.

According to the White House, the nomination of Peter Diamond is amongst dozens that the Senate is holding up.

"I have nominated Peter to the Board of Governors of the Federal Reserve to help bring his extraordinary expertise to our economic recovery," said a statement from Obama. "I hope he will be confirmed by the Senate as quickly as possible."

Meanwhile, Diamond made it clear that he has no intention of withdrawing his name from being considered for the Federal Reserve job.

The White House claims that nominations are being blocked by Senate Republications to frustrate the president and argues that in Diamond's case, this can jeopardize America's economic recovery.

White House spokesperson Robert Gibbs said, "Obstructing a nominee as well-qualified as Peter in a time of economic crisis is a harmful attempt to score political points that hurts our middle class and our broader economic recovery".

The Obama administration is finding it hard to spur economic growth and reduce unemployment which has held steady at around 10%.

With November 2nd congressional elections just around the corner, Obama is seeking to deflect the public fury towards Republicans for obstructing staff appointments and policies that the White House believes would assist in boosting employment.