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White House presses Republicans to confirm consumer protection chief nomination

12-06-2011 09:50 BJT

WASHINGTON, Dec. 5 (Xinhua) -- The White House Monday was ramping up pressure on Republican Senators to confirm the nomination of Richard Cordray to serve as the head of the nation's consumer protection agency.

U.S. President Barack Obama, a Democrat, announced in July to nominate former Ohio Attorney General Richard Cordray as the director of the Consumer Financial Protection Bureau (CFPB), an agency created by the sweeping financial overhaul a year ago.

The Senate was slated to vote this week on his confirmation to head the CFPB, while it faced strong opposition from GOP Senators who insisted on changing the CFPB's functions and structure before removing the confirmation blockade.

"We need to have the Senate confirm Richard Cordray as the consumer watchdog," White House spokesman Jay Carney told reporters Monday.

Republicans have made pretty clear that they don't oppose Cordray personally, but they're going to try to block Cordray's nomination in order to prevent the CFPB from having all of its authorities to take action to protect consumers, Carney noted.

The Obama administration last year fought to pass and signed into law the strongest consumer protections in history in the Wall Street Reform and Consumer Protection Act, also known as Dodd- Frank Act. The Act created the CFPB, an independent agency with the primary mission of acting as a watchdog over mortgages, credit cards and other forms of lending.

Editor:Zhang Hao |Source: Xinhua

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