GOP Blocks Obama's Nominee to Head Consumer Agency

NEW YORK (TheStreet) -- Senate Republican blocked President Barack Obama's nominee to head the consumer protection agency, which the GOP could claim as a small political victory ahead of the 2012 elections.

Former Ohio Attorney General Richard Cordray failed to collect enough senatorial support as the 46 GOP senators voted lockstep to filibuster the crucial 60 votes needed to approve a presidential appointee.

"The majority of attorney generals Republican and Democrat have said ... Cordray is ready to go," Obama said in a press conference. "There is no reason Mr. Cordray should not be nominated. ... We are not giving up on this, we are going to keep going at it."

Obama's nominee lost the vote 53-45 as the vote represented Republicans' plea for the administration to revamp the consumer protection agency, which they said has too much power and too little accountability, according to The Associated Press. Republicans said that they did not object to Cordray, who they have considered a qualified candidate for the job.

-- Written by Joe Deaux in New York.

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