Nobel Prize in Economics not qualification enough to get on the Fed

I've been reading this fascinating article about the Federal Reserve.  While this isn't the main thrust of the article, one little tidbit made me so angry I had to share.  Observe:

After months of delay, two of Obama’s picks were confirmed unanimously on September 30, but as of this writing, his third choice, MIT economist Peter Diamond, is still in limbo thanks to objections from Republican Senator Richard Shelby of Alabama, who deems him unqualified. Somewhat absurdly, while waiting to pass Shelby’s muster, Diamond won a Nobel Prize in Economics.

I am unable to contain my rage.