US News
Obama hammers Senate after consumer protection nominee blocked
Dec 8, 2011, 17:02 GMT
Washington - US President Barack Obama took Senate lawmakers to task Thursday for blocking the confirmation of a head for his new consumer watchdog agency.
Republicans in the Senate blocked Richard Cordray's nomination to head the Consumer Financial Protection Bureau from proceeding to a vote in the upper chamber.
'There is no reason why Mr Cordray should not be nominated and should not be confirmed by the Senate and should not be carrying out his job right away,' Obama said.
The bureau was created last year to protect financial consumers and regulate mortgage brokers, pay-day lenders and other services.
Republicans have argued that changes need to be made to the bureau to make it more accountable to other regulators and Congress before they will approve a director.
'This makes absolutely no sense,' Obama said. 'Consumers across the country understand that part of the reason we got into the mess that we did is because regulators weren't doing their jobs.'
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