President Barack Obama said the Senate’s failure to confirm Richard Cordray as head of the Consumer Financial Protection Bureau “makes no sense” and will leave middle-income Americas without protection from “unscrupulous” lenders.
“There is no reason why Mister Cordray should not be nominated and should not be confirmed by the Senate,” Obama said at a White House news conference, less than an hour after Republicans in the Senate blocked a motion to end debate on the nomination. He vowed to keep pushing for confirmation.
“We’re not giving up on this,” he said.
Asked whether he would consider using his authority to make a recess appointment of Cordray, bypassing the Senate, Obama said, “We’re going to look at all our options.”
The motion to end debate on the nomination failed with a vote of 53 in favor and 45 opposed. Sixty votes were needed to proceed.
Obama also pressed Congress to pass an extension of the temporary payroll tax cut before leaving for the holidays and without adding provisions that don’t directly apply.
House Republicans are proposing to add a provision to the tax legislation that would expedite approval of TransCanada Corp. (TRP)’s proposed Keystone XL pipeline that is under review by the State Department. A decision has been put off until early 2013 to address environmental concerns about the route.
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