Obama: No reason for blocking consumer nominee

AP News
Posted: Dec 08, 2011 12:03 PM
Obama: No reason for blocking consumer nominee

President Barack Obama says there's no reason why his nominee to lead the new consumer protection bureau shouldn't be confirmed by the Senate.

Obama spoke shortly after Senate Republicans blocked the nomination of Richard Cordray. Only one Republican joined Democrats in voting for him.

Obama says he's still considering all available options to get Cordray on the job protecting consumers. He didn't rule out the possibility of using a recess appointment while Congress is on break as a way to circumvent Republican opposition.

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.