Peter Diamond, a professor at the Massachusetts Institute of Technology (MIT), who received a share of the Nobel Prize in economics, was nominated in April but his nomination ran into a wall over the summer over questions of his experience for the job.
"I have nominated Peter to the Board of Governors of the Federal Reserve to help bring his extraordinary expertise to our economic recovery," Obama said Monday in a statement. "I hope he will be confirmed by the Senate as quickly as possible."
Obama cited Diamond's "groundbreaking economic research that has applications in a wide range of areas, like unemployment and housing, where we need our best and brightest minds."
The Senate Banking Committee approved Diamond's nomination in late July, but it has never made it to the floor for a final vote.
Two other nominees, Janet Yellen and Sarah Bloom Raskin, were approved to join the Board before the Senate left town for the October recess.