Unless the Obama administration agrees to major reforms to the structure of the new Consumer Financial Protection Bureau Senate Republicans said they will filibuster anyone whom President Obama nominates to run the agency.
In a letter signed by 44 of the Senate's 47 Republicans, the lawmakers wrote that "far too much power will be vested'' in the bureau's director.
The senators want: The bureau run by a board; its budget subject to the normal appropriations process; and a mechanism created to have other financial regulators prevent the agency from enacting regulations that would threaten the safety and soundness of financial institutions.
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