"While the Nobel Prize for economics is a significant recognition, the Royal Swedish Academy of Sciences does not determine who is qualified to serve on the Board of Governors," said Sen. Richard Shelby of Alabama, the senior Republican on the Senate Banking Committee.
Diamond and the two other economists won the prize for their insights into unemployment and the impact of government policies on helping people to find jobs or cushioning their periods of joblessness.
That's certainly a prime topic right now with the jobless rate stuck at 9.6 percent and nearly 15 million Americans out of work from the worst recession since the Great Depression of the 1930s.
Their research found, in part, that programs such as government unemployment benefits can help the process of lining up job seekers with jobs that match their skills and abilities.
"How can economic policy affect unemployment? This year's laureates have developed a theory that can be used to answer these questions," the Royal Swedish Academy of Sciences said in a statement.
Isn't it ironic that the GOP is constantly nagging the Dems that they do not offer any new policies that can boost job creation, but when they have a chance to support a Nobel Price winning economist to join the Fed and deploy new strategies for job creation they block the appointment. Middle class republicans need to wake up and smell the coffee. Your GOP representatives are not looking out for you. The GOP looks out for big business, end of story.