The Senate Banking Committee said on Tuesday it would hold a hearing on the nomination of Nobel laureate Peter Diamond to be a member of the Federal Reserve Board on March 8.

Diamond's nomination failed to advance last year after Republican members of the committee questioned his monetary policy qualifications.

The committee approved his nomination twice but his appointment languished as critics used procedural tactics to stall it, and President Barack Obama renominated Diamond this year.

The panel said the hearing would be held at 10 a.m. It said it would also take testimony from Katharine Abraham and Carl Shapiro, both nominees for seats on the White House Council of Economics Advisers.

Diamond, who is known for his work on behavioral economics, has written extensively on pensions and retirement benefits, including the Social Security system. He won a Nobel late last year for his research on labor markets.

The top Republican on the Senate Banking Committee, Richard Shelby, has said he does not believe Diamond's credentials are appropriate for someone who would help steer U.S. monetary policy. 

With no sign that Shelby's opposition has softened, Diamond's nomination faces uncertain prospects in the Senate, which must confirm him in the post. Even if Diamond wins Senate confirmation, the Fed's normally seven-person board would still face a vacancy. Fed Governor Kevin Warsh has said he is stepping down at the end of March.

Warsh's departure will give Obama the opportunity to select another Fed board member at a time when the central bank will be making critical decisions about how soon to withdraw its extraordinary support for the economy.