Senate Republicans Block Obama Pick to Lead Consumer Panel

Breaking News Alert
The New York Times
Thursday, December 8, 2011 -- 12:43 PM EST
-----

Corrected: Senate Republicans Block Obama Pick to Lead Consumer Panel

Because of an editing error, an earlier e-mail alert incorrectly reported the Senate vote as 55 yes, 45 no. The vote was 53-45.

The Senate blocked President Obama’s nominee to head the Consumer Financial Protection Bureau, as filibustering Republicans who oppose the very powers of the new agency successfully challenged one of the administration’s main responses to the financial crisis.

The nomination of Richard Cordray was rejected after Democrats failed to achieve the 60 votes they needed to move his nomination forward. The vote was 53 yes, 45 no.

Senator Mitch McConnell of Kentucky, the Republican leader, said his party had made clear for months that it would not approve a leader for the watchdog consumer agency until the law that established it was amended.

Read More:
http://www.nytimes.com/2011/12/09/business/senate-blocks-obama-choice-for-consumer-panel.html?emc=na