WASHINGTON (AP) — President Barack Obama says there’s no reason why his nominee to lead a consumer protection bureau shouldn’t be confirmed by the Senate.
Obama spoke shortly after Senate Republicans blocked the nomination of Richard Cordray, Obama’s nominee. Only one Republican joined Democrats in voting for Cordray.
Despite the GOP action, Obama says he is not giving up on Cordray’s nomination. He says he will not let politics get in the way of allowing Cordray to start work on protecting consumers.
Republicans say the Consumer Financial Protection Bureau has too much power and too little accountability. The agency is designed to protect consumers from some of the lending and mortgage practices that led to the financial crisis.