WASHINGTON — Almost every Senate Republican said Thursday that they will vote against any Obama administration choice to head a new agency designed to protect consumers from harmful financial activities unless changes are made in the agency, which Republicans say has been given too much power.
“No person should have the unfettered authority presently granted to the director of the Consumer Financial Protection Bureau,” 44 GOP senators wrote in a letter to President Barack Obama. “Therefore we believe that the Senate should not consider any nominee to be CFPB director until the CFPB is properly reformed.”
The agency opened its doors in July, and Obama has appointed Elizabeth Warren, a Harvard University law professor who was a driving force behind the idea, to lead efforts to get it operating. The Associated Press
