GOP Blocks Confirmation of Obama Nominee to Head Financial Agency
Senate Republicans blocked he confirmation of the man nominated by President Barack Obama to head the Consumer Financial Protection Bureau. They were almost unanimous in voting against former Ohio attorney general Richard Cordray. Obama said that he would counter by holding out the possibility of appointing the nominee when the Congress in on recess.
The Senate Republicans said that the Consumer Financial Protection Bureau had too much power and too little accountability. The agency is tasked to protect consumers from the excesses caused by the 2008 financial crisis. Without a director, it can’t operate at full strength.
Republicans want changes done with regards to the powers of the agency. Until the Obama administration agreed to the said changes, they would continue to block the president’s nominee from taking the position.
President Obama said that there was no reason to block Cordray from the position. He didn’t rule out a recess appointment, where the appointee would serve until the close of the next session of Congress. This year, the Republicans managed to stop the White House from making such appointments.
Democrats said that the Republicans were trying to control an agency that was created to protect consumer interests. Republicans were said to be protecting Wall Street.