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Thursday, December 8, 2011
Consumer Protection Held Hostage to the 1%
Senate Republicans blocked full implementation of the Consumer Financial Protection Bureau by blocking a procedural vote to allow a vote on Richard Cordray as Director. This obstruction of the law creating the new agency prevents oversight of some of the same non-bank entities that helped create the financial crisis. The Senate vote was 53 to 45 to reject a procedural motion. Because of a Republican filibuster, the motion required 60 votes to pass. While many Republican Senators have no specific objection to Cordray, the party has been vowing for months to block his, or anyone's nomination to head the new agency. They want to eliminating the director's position in favor of an oversight board and want the House of Representative to approve the agency's budget rather than funding from the Federal Reserve. Democrats suggest that the Republicans' real motive is to undermine the agency's work and protect Wall Street financial institutions. Read more at: