Obama: Blocking Cordray Nomination Makes No Sense

Senate blocked Richard Codray's nomination to head Consumer Protection Bureau.
18:46 | 12/08/11

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Transcript for Obama: Blocking Cordray Nomination Makes No Sense
We either have a country where -- by fans for themselves. Or we create a country where. Everybody does their fair share your -- got a fair chance. And we ensure that there is fair play out there. -- -- FairPlay. One of things that I talked about was the importance of making sure we implement. Financial reform Wall Street reform that was passed last year. And a key component of that was making sure that we have a consumer watchdog in place. Who can police. What. Mortgage brokers payday lenders. And other non bank financial entities. Are able to do when it comes to consumers. This is a big deal about one in five people use these kinds of mechanisms. To finance. Everything from buying a house -- cashing their checks. And we passed a law last year that said we need this consumer watchdog in place to make sure the people are taking advantage -- Now we have nominated somebody Richard -- Former attorney general and treasurer of Ohio. Who. Everybody says. Is highly qualified. The majority of attorney general's. Republican and Democrat from across the country have said this is somebody who can do the job with integrity. Who has great tradition of being a bipartisan. Individual who looks out for the public interest. And is ready to golf and he actually helped set up the consumer finance protection. This morning's. Senate Republicans blocked his nomination. Refusing to let the senate even. Go forward with an up or down vote on mr. -- This makes absolutely no sense. 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 out 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 seniors to 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. court 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. So I just want to send a message to the senate we are not giving up on this we're gonna keep on going at it. We are not -- allow. Politics as usual on Capitol Hill to stand in the way of American consumers being protected by unscrupulous financial. Operators. -- coupon portion on this issue now. The second thing I want to make clear about is that I would respect to the payroll tax because bolstering our. Countdown clock behind us. This is about doing. Making sure that everybody is doing their fair share. And the middle class does not see their taxes go up by a thousand dollars and 43 days. And we've -- Recently some intimations from. The senate majority leader and from the speaker of the house -- the Senate Minority Leader in the speak and the speaker of the house that they think. We should -- -- payroll tax but the question is what price will extract from the president in order to get it done. And I -- want to make clear this is not about me. They shouldn't extend a payroll tax cut for me they shouldn't extend unemployment insurance for me. This is 460 million people went running point three days are gonna see their taxes go up if congress doesn't act. As for five million individuals were out there looking for -- job and can't find a job right now in a tough economy. Who could end up not being able to pay their bills or keep their house if congress doesn't act. So. Rather than try to figure out what -- made. Extract politically from me in order to get this thing done -- They need to do is be focused on what's good for the economy what's good for jobs and what's good for the American people. And -- made very clear. I do not expect congress to go home. Alas the payroll tax cut is extended. And -- unemployment insurance is extent. It would be wrong for families. But it would also be wrong for the economy as a whole.

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

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