Summary Box: Obama to press ahead with Fed pick - BusinessWeek

NOT GIVING UP: President Barack Obama will resubmit the failed nomination of a Nobel prize-winning economist to the Federal Reserve, even though he faces even stronger opposition from the next Congress.

SCUTTLED BY SENATE: Peter Diamond's nomination fizzled when the Senate adjourned Wednesday without acting on it. Senate Republicans had opposed the nomination of Diamond, a professor at the Massachusetts Institute of Technology.

STRUGGLE AHEAD: Obama faces an even tougher time getting the nomination approved in the new Congress that convenes in January. Republicans picked up six additional seats in the Senate.



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