Senate Republicans vow to block any appointee to head consumer protection bureau

Reporting from Washington—

 

Nearly all Republican senators vowed to block any Obama administration nominee to head the new Consumer Financial Protection Bureau unless major changes are made to the agency’s structure.

The move threatens to hobble the powerful agency created last year to protect consumers in the financial marketplace as it prepares to begin operations in July. The bureau was the centerpiece of last year’s sweeping overhaul of financial regulations — legislation opposed by most Republicans and industry leaders.

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