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Senate Republicans block Obama nominee to head consumer financial protection office
WASHINGTON (AP) ' Senate Republicans have blocked President Barack Obama's choice to head the consumer protection agency that was created after the 2008 financial meltdown.
His nominee, former Ohio Attorney General Richard Cordray, ran into near-solid opposition from Republicans.
As a result, Democrats couldn't muster the 60 votes needed to move ahead on the nomination. Only one Republican joined Democrats in voting Cordray.
The president plans to make a statement about the vote later Thursday morning.
Republicans say Consumer Financial Protection Bureau has too much power and too little accountability.
The agency is designed to protect consumers from some of the lending and mortgages practices that led to the financial crisis.
GOP lawmakers have pledged to stall any nominee until the structure of the agency is changed.
Democrats say Republicans are favoring Wall Street over the middle class in attempting to weaken the agency.