Posted on 12/08/2011 1:41:51 PM PST by SmithL
WASHINGTON — U.S. Sens. Lamar Alexander and Bob Corker resisted pressure from the White House and joined other Republican senators today in blocking President Barack Obama's nominee to lead a new federal agency set up to stop abuses by the financial industry.
GOP senators filibustered the nomination of former Ohio attorney general Richard Cordray to be director of the Consumer Financial Protection Bureau. The 53-45 vote fell short of the 60 votes needed to overcome the GOP opposition and confirm Cordray for the position.
The agency was created under the Wall Street reforms Obama signed into law last year and was designed to curtail the kind of abuses that led to the financial meltdown. But Republicans argued that changes are needed in the way the agency operates.
"I will oppose the confirmation of any director for the bureau until its structure is changed, because the director would be a czar responsible for regulating millions of everyday financial transactions and would effectively answer to no one," Alexander, R-Tenn., said after the vote.
(Excerpt) Read more at knoxnews.com ...
If Obama gives a new conference about this ,then there is something fishy about this new federal agency
Finally they do something right. It has been a long wait.
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