Consumer Financial Protection Bureau

GOP Threatens to Block Consumer Bureau Pick

Wants restructuring to give Congress oversight

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Senate Republicans on Friday pledged to block President Barack Obama's choice to lead the consumer finance watchdog until Democrats agree to restructure it, ramping up an expected fight this year over the controversial new bureau.

The group of 43 Republicans, led by minority leader Mitch McConnell of Kentucky and Mike Crapo, an Idaho senator who is the top Republican on the banking committee, said the Consumer Financial Protection Bureau lacks congressional oversight.

Last week, Obama re-nominated Richard Cordray to lead the bureau. Cordray received a temporary appointment as director last year, but his position expires at the end of 2013.

"As presently organized, the CFPB is insulated from congressional oversight of its actions and its budget," the Republicans said. "Far too much power is vested in the sole CFPB director without any meaningful checks and balances."