Richard Cordray's nomination for director of the Consumer Financial Protection Bureau was blocked earlier today by Senate Republicans with a final vote of 53-45. According to The Associated Press, President Obama spoke shortly after the vote stating that he does not see any reason why Cordray should not be confirmed by the Senate and that he will not let politics get in the way of allowing Cordray to begin working to protect consumers.
During a speech in Kansas yesterday, USA Today quoted the President as saying:
"Every day we go without a consumer watchdog is another day when a student, or a senior citizen, or a member of our Armed Forces – because they are very vulnerable to some of this stuff – could be tricked into a loan that they can't afford – something that happens all the time. And the fact is that financial institutions have plenty of lobbyists looking out for their interests. Consumers deserve to have someone whose job it is to look out for them. And I intend to make sure they do. And I want you to hear me, Kansas: I will veto any effort to delay or defund or dismantle the new rules that we put in place."
The Consumer Financial Protection Bureau was created to protect consumers from many of the lending and mortgage practices that brought about the financial crisis. According to republicans, the agency has too much power and too little accountability.