There's no disagreement, said Sen. Richard Shelby, R-Ala., about the need to bolster consumer protection. "The only real point of contention is whether the new bureau of consumer financial protection will be accountable to the American people," said Shelby, the top Republican on the Senate Banking, Housing and Urban Affairs Committee.
Last May almost every Republican senator signed a letter to Obama saying they would oppose any bureau nominee until changes were made in its operation.
They're pushing to replace the director with a bipartisan board. They want to subject the bureau, now is under the Federal Reserve's jurisdiction, to the congressional appropriations process. They favor giving more banking regulators authority to overrule agency decisions.
"The president knew about these concerns months ago and he chose to dismiss them," said Senate Republican leader Mitch McConnell of Kentucky.