Obama Not Giving Up on Consumer Protection Bureau

AP with Reuters

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

President Barack Obama holds conference call on Hurricane Irene with FEMA Director Craig Fugate, Homeland Security Secretary Janet Napolitano, Chief of Staff Bill Daley.
Photo: Pete Souza

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

Obama said 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 said 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.

Obama added on Thursday he would not give up on having a Consumer Financial Protection Bureau after Senate Republicans blocked his nominee to head the consumer watchdog.

"This makes absolutely no sense," Obama said after Republicans thwarted Democrats' attempt to confirm Cordray to head the new bureau.