NEWSMAX: Senate Republicans on Friday pledged to block President Barack Obama’s choice to lead the consumer finance watchdog until Democrats agree to restructure it, ramping up an expected fight this year over the controversial new bureau.
The group of 43 Republicans, led by minority leader Mitch McConnell of Kentucky and Mike Crapo, an Idaho senator who is the top Republican on the banking committee, said the Consumer Financial Protection Bureau lacks congressional oversight.
Last week, Obama re-nominated Richard Cordray to lead the bureau. Cordray received a temporary appointment as director last year, but his position expires at the end of 2013… (more)
EDITOR: Losing in their opposition to the creation of the new bureau, the Republicans have pledged not to approve any reasonable nominee in order to thwart operations. This blew up in their face when Elizabeth Warren was passed over, thus freeing her to run successfully for the Senate.
