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Partisan divide spells defeat for Obama nominee to head new consumer protection bureau
WASHINGTON (AP) ' Richard Cordray faces almost certain Senate rejection in his nomination to head the Obama administration's new Consumer Financial Protection Bureau.
The former Ohio attorney general finds himself caught in the middle of a nasty partisan fight between Republicans, who say the new agency has too much power, and the White House, which says it will not weaken an agency designed to protect consumers taking out loans and using credit cards.
Nearly every Republican has committed to voting against any nominee until changes are made in how the agency operates. That makes it almost certain Cordray won't get the 60 votes to break the Republicans' filibuster blocking his confirmation when the Senate votes Thursday.
The bureau was established by last year's law tightening regulatory controls over banks and Wall Street.