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GOP opposes Obama pick to head consumer protection agency, says bureau lacks accountability
WASHINGTON (AP) ' Republicans are opposing President Barack Obama's pick to head a new bureau designed to protect consumers borrowing money and making other financial transactions, saying the agency has too much unfettered power.
But at a hearing of the Senate Banking Committee, Democrats say the nominee ' former Ohio attorney general Richard Cordray ' should be quickly confirmed.
Alabama GOP Sen. Richard Shelby says that with the feeble economy, this is no time to give "an unelected and unaccountable bureaucrat a blank check" to impose rules that could make it harder for companies to create jobs.
But Banking panel chairman Tim Johnson of South Dakota says by delaying approval of the nomination, Republicans are playing political games aimed and trying to thwart the new Consumer Financial Protection Bureau from protecting consumers.