Obama Installs New Consumer Watchdog in Recess

Obama criticizes senators for blocking nomination to consumer protection bureau.
3:00 | 01/04/12

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Transcript for Obama Installs New Consumer Watchdog in Recess
Consumers across the country understand. That part of the reason we got into the final financial mess that we did. Was because regulators were not doing their jobs people were not paying attention. What was happening in the housing market. People were paying attention to who was being taken advantage there were folks were making a lot of money. Taking advantage of American consumers. This individual's job is to make sure that individual consumers are protected. Everybody from -- -- young people were looking for student loans. Two members of armed services were probably more vulnerable than just about anybody. When it comes through unscrupulous. Financial practices. There is no reason why mr. -- rate should not be -- And should not be confirmed by the senate and should not be doing his job right away. In order to carry out his his mandate in his mission.

This transcript has been automatically generated and may not be 100% accurate.

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