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nominated a long- awaited director Monday for his new consumer protection bureau, teeing up a fight between his administration and Republicans who want that agency fundamentally changed. & # 160; " We' re not going to go back to a time when our whole economy was vulnerable to a massive financial crisis, " Obama said Monday, as he announced his choice. " That' s why this bureau matters. " The president tapped former Ohio Attorney General Richard Cordray to head the Consumer Financial Protection Bureau. In doing so, he passed over Treasury adviser , a favorite of the left.
But Warren and Obama made clear Monday that Cordray has their full support and called on Republicans to drop their opposition to the new group. & # 160; Obama pledged to " fight any effort to repeal or undermine" the bureau. & # 160; " This agency still has enemies in Washington, D.
C. , " Warren wrote on the blog. " I remain hopeful that those who want to cripple this consumer bureau will think again and remember that the financial crisis . . . began one lousy mortgage at a time. " & # 160; She called Cordray a " strong leader" for the agency and noted that the bureau will start Thursday putting " cops on the beat" by reaching out to 111 big financial institutions to start monitoring them. & # 160; But Republicans were not appeased by Obama' s decision to pass over Warren for the top spot. & # 160; " Until President Obama addresses our concerns by supporting a few reasonable structural changes, we will not confirm anyone to lead it.
No accountability, no confirmation, " Sen. , R- Ala. , ranking Republican on the Senate Banking Committee, said in a statement. & # 160; Republicans fought fiercely against the creation of the bureau last year and have been trying to place restrictions on the agency.
In May, all Senate Republicans joined in a letter to Obama threatening to withhold their support for any nominee to the position if the White House didn' t seek significant changes to the agency. & # 160; Among the changes would be to replace a single director with a board and to make the bureau' s finances subject to congressional approval. & # 160; " The White House has not yet addressed the need to bring accountability and transparency to the bureau, " Don Stewart, a spokesman for Senate Republican leader , said Sunday. & # 160; Though Democrats control the Senate, Republicans could block the appointment through a filibuster. Warren warned about this possibility in her blog Monday. & # 160; In pushing for changes in financial regulations last year, Obama focused on the popular appeal of a consumer bureau, which he had proposed as an independent agency. It was during that debate that Obama referred to bankers as " fat cats, " a characterization he has since abandoned. & # 160; The regulatory overhaul was a response to the financial crisis of 2008 that helped plunge the country into a recession. & # 160; In a compromise, the consumer agency was placed within the Federal Reserve, but will act autonomously from the central bank. & # 160; In his statement, Obama thanked Warren " for her many years of impassioned leadership, and her fierce defense of a simple idea: ordinary people deserve to be treated fairly and honestly in their financial dealings. " & # 160; Obama also said: " This agency was Elizabeth' s idea, and through sheer force of will, intelligence, and a bottomless well of energy, she has made, and will continue to make, a profound and positive difference for our country. " & # 160; Meanwhile, Warren may be courted to run for Senate in Massachusetts against freshman GOP Sen. . Majority Leader Harry Reid, D- Nev. , has reportedly been courting Warren to make a go of it. The Associated Press contributed to this report.
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