Nobel Prize winner Peter Diamond said on Sunday he plans to withdraw as a nominee for Federal Reserve governor, after his nomination was repeatedly scuttled by Republicans.

It is time for me to withdraw, as I plan to inform the White House, Diamond, an M.I.T. economics professor, wrote in an opinion piece published in the New York Times titled When a Nobel Prize isn't enough.

The top Republican on the Senate Banking Committee, Richard Shelby, has criticized Diamond for his lack of monetary policy experience.

(Reporting by Kristina Cooke; Editing by Marguerita Choy)

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