does that include the consumer financial protection bureau? >> it seems to some of us is unprecedented and rather extreme for republicans to refuse to confirm anyone regardless how qualified they are to lead an agency because they oppose the existence of an agency that is accountable in a dozen different ways under the law. that is meant to help consumers versus large financial institutions. if republicans in the congress continue to oppose even an up or down vote but allowing us to have an up or down vote to confirm a director can you explain what the practical consequences of not having a director means for consumers for middle-class families or this agency? >> absolutely. as you said and as my opening statement says without a confirmed director in this position the consumer financial protection bureau will not have authority to supervise and enforce cherry common sense consumer protections with respect to lenders, mortgage brokers, mortgage servicers, student loan providers and if you look at what the consumer bureau has done to date, you s

again, consumer financial protection bureau. i stress consumer. by now, we all know my republican colleagues will filibuster mr. cordray's nomination. they have said they will. this is not an up-or-down vote, but republicans' effort to not allow a vote. they are stopping a vote on this very, very qualified man. they're not blocking this nomination because of any fault, real or perceived, in this candidate. he has bipartisan support and is eminently qualified. he has a long history of protecting consumers against unfair practice by financial predators. he currently serves as chief of enforcement at the bureau. before that, mr. cordray served as ohio's attorney general. a very important scrob in a very, very heavily populated state. while there, he recovered billions of dollars from pension funds on behalf of retirees, investors and others, and he took action against fraudulent foreclosures and predatory lending. he is qualified. he is a man of diligence. senate republicans know that he's qualified. they are blocking his nomination, not allowing a v

under one agency, the consumer financial protection bureau. the cfpb was given new responsibilities to oversee nonbank actors who deal in payday loans, prepaid cards, student loans and credit reporting. 200 million americans rely on credit reporting agencies when they make a big purchase, sometimes when they apply for a job. an estimated 20 million people use payday lenders to make ends meet. i wish they didn't but they do. many of them face up to 400% interest rates to obtain these short-term loans. four million americans have prepaid debit cards as more companies use this product instead of checks or direct deposit. it's expected that over $670 billion will be loaded into prepaid cards in the next few years. more than $10 billion in private student loans are given to students who then face up to 15% interest rates. i talked about a few of them in an earlier statement. tens of millions of americans relying on nonbanks for their financial needs will go without protection unless the consumer financial protection bureau has the resources it need

cordray to head up the consumer financial protection bureau so what's the real reason behind the filibuster and finally over one hundred pages for rest around the nation yesterday for participating in the ninety nine percent movement i'll talk with one of those arrested patriots about the successful day of action in the nation's capital a little bit later. you need to know this push to overturn citizens united and kick corporations out of our elections is picking up steam last month congressman ted from florida introduced a new constitutional amendment to overturn the supreme court's citizens united decision and give congress and the states the power to again regulate election spending essentially outlawing for profit corporations from buying our democracy it's called the occupied of that sort short for outlawing corporate cash undermining the public interest in our elections and democracy now that amendment has been picked up in the senate too by senator bernie sanders we have state introduced his own version of the occupied amendment identical language this is the first constitutional ame

so today the president gave a press conference after his pick for the consumer financial protection bureau richard cordray was blocked by republicans and the president came out swinging saying not only that a recess appointment wasn't off the table but that once again republicans have put politics before the interests of the american people and i totally agree here that it is ridiculous how much opposition republicans are showing towards putting somebody in a position that's supposed to look out for you and i the consumers but that's not what i actually want to talk about today you see after he spoke about that and the payroll tax cut then the questions started coming about the g.o.p. attacks that are being thrown at the president specifically towards his foreign policy as we discussed on yesterday's show after the g.o.p. hopefuls hurled insults of the president at the national republican jewish coalition to just take a quick listen to what the president actually said in response. that's cool some of the law and the twenty two out of thirty top al-qaeda leaders have been taken off the fiel

financial protection bureau. senate republicans just blocked that nomination. nbc's mike viqueira is at the white house. why are they opposed to seeing card cordray step? ? >> reporter: first of all this was created under the dodd-frank legislation, after the financial collapse of 2008. republicans have opposed it ever since then, saying it is overly restrictive as the legislation in general. in particular they opposed the creation of this consumer financial protection bureau and the way it's structured. what they're insisting on in the senate and the reason why most republicans with two proment nent exceptions voted against moving on to this debate on the confirmation of richard cordray, of course the former attorney general of ohio, now the bureau but they want to elevate him to the top post here but republicans say the structure needs to have tighter oversight by congress, can't be automatically funded through the federal reserve, needs to go through the normal appropriations process, they're basically opposed

protection bureau. president obama's nominee is former ohio attorney general richard cordray. a showdown vote on his nomination could come as soon as thursday. as darren gersh reports tonight, the debate over leadership at the new agency comes as another market watchdog comes under fire. >> reporter: republicans and democrats traded jabs today over financial regulation. democrats charged republicans with blocking the confirmation of a new leader for the consumer financial protection bureau. >> without having a director, there are a whole host of rules that can't be written, which only perpetuates an uneven playing field where community banks and credit unions have to abide by regulations and non- bank lenders don't, which is not fair to consumers or industry members who play by the rules. >> reporter: a top treasury official argued the problem goes beyond fairness. with financial markets still unsettled, holding up the implementation of new regulations puts the economy at risk. >> without a director, th

financial protection bureau. the move infewer rated the president and angered senate democrats. >> this morning senate republicans blocked his nomination refusing to let the senate even go forward with an up or down vote. this makes absolutely no sense. >> the motion -- >> senate democrats could not get the 60 votes needed to move ahead on the vote. republicans say the consumer financial protection bureau has too much power and they vowed to stall any nominee until the bureau is revised. >>> bart passengers got an early christmas present today, free tickets to ride the trains. bart employees played cantedda today in what's become a a holiday tradition. they handed out train passes to customers at seven bart stations in oakland, berkeley and san francisco. each pass will be valid for two one-way rides this saturday and sunday from 9:00 a.m. to 4:00 p.m. bart says it's a hassle freeway to do your holiday shopping. >> i have to pay every day. >> bart officials plan to distribute free passes to 65,000 people today. >

she will speak why senator brown to ahead of the consumer financial protection bureau. >>> and later, a standard in greed is rewritten by the ceo who resigned from his company because he refused to use bankruptcy procedures to break the commitments to that company's workers. ceo of american airlines teaches corporate america a lesson in tonight's "rewrite." do you thik it all comes from? elves. [ laughs ] [ thunder crashes ] hurry up, lads! storm's brewin'. ♪ [ woman laughs ] stop it. ♪ ♪ my hair is gone ♪ cheap cologne ♪ motor home ♪ i'm the rocket man! [ both ] ♪ rocket man ♪ burning out his fuse up here alone ♪ burning out his fuse up here alone? ahh. [ male announcer ] crystal clear fender premium audio. one of many premium features available on the all-new volkswagen passat. the 2012 motor trend car of the year. ♪ and i think it's gonna be a long, long time ♪ ♪ i think i'm falling ♪ i think i'm falling [ male announcer ] this is your moment. ♪ for you [ male announcer ] this is zales, the diamond store. shop our largest diamond store online anytime at

she will speak why senator brown to ahead of the consumer financial protection bureau. >>> and later, a standard in greed is rewritten by the ce oechlt who resigned from his company because he refused to use beang republican see procedures to break the commitments to that company's workers. ceo of american airlines teaches corporate america a lesson in tonight's "rewrite." ♪ when your chain of supply goes from here to shanghai, that's logistics. ♪ ♪ chips from here, boards from there track it all through the air, that's logistics. ♪ ♪ clearing customs like that hurry up no time flat that's logistics. ♪ ♪ all new technology ups brings to me, that's logistics. ♪ >>> no one thought he had a chance but he won and won big and did 24 distinguished years in the united states senate. is elizabeth warren going to be the next patrick moynihan? republicans are panicking. what does elizabeth warren think about the republican's reaction to her campaign? their attack ads against her. she's going to join me next. >>> and what could be the herman cain jokes. how did i get here? dumb l

financial protection bureau. in ohio today, members of the consumer financial protection bureau are releasing for comment a two-page agreement that makes credit cards simple so that everybody knows what they're getting into before they sign on for obligations. know before you owe. when you look at all of what the president is fighting for, that has a broad appeal. and that's what, that's what he's going to do as long as he's president. >> valerie, what do you say to joe mansion. i just interviewed senator mansion. he is against the payroll tax cut being extended. because he says it's going to end up coming out of social security. >> well i heard, i heard both senator mansion and i also heard my hometown senator, kirk and they're just mistaken. this has no impact on the social security fund. it is replenished. what it does do is recognize the fact that in this tough economic time, the middle class just needs a break. and what we cannot afford to happen and for a republican party that has taken this oat of not incr

financial protection bureau. while our rules don't let us to meddle so much in the senate activities, i do want to spend a minute or two just talking about the importance of the nomination and confirmation of richard cordray and the consumer protection bureau and talk a little bit about the background of why we have a consumer financial protection bureau. the purpose of the consumer financial protection bureau is to promote a fair, honest and transparent marketplace to help consumers compare costs, benefits and risk of consumer financial products. perhaps some of the most complicated products that consumers have to deal with credit card terms, mortgages and the kinds of things that resulted in our financial meltdown in our economy. now, prior to the passage of the dodd-frank act, there was in every one of the regulated -- regulatory bodies a responsibility to deal with consumer protection. unfortunately, none of those agencies had consumer protection and education as their highest priority. all of them were looki

walmart. >>> the consumer financial protection bureau is there for regular families. it's there so they don't get gouged on credit cards and on mortgages and on student loans. but they won't get their full power until they get a confirmed director. and we've now got wall street's best friends in the senate blocking confirmation of rich cordray solely to try to hinder this agency, to try to keep it from some real -- calling for some real accountability over wall street. >> elizabeth warren speaking to my colleague, lawrence o'donnell. he had her on his program the other night. she had not been doing a lot of national interviews -- >> you sound jealous. >> i was jealous. i e-mailed executive producer and said, looks good. that's her making the case. the reason i want to carry over this conversation is because i remember when in 2005, i believe it was, the democrats in the senate were filibustering a number of judicial nominees that the republicans put forward. some of whom were truly and genuinely, as extreme as any nominees we've seen. janice rogers brown comes to mind

the senate expected to vote today on the nominee to head up the new consumer financial protection bureau. republicans say, though, they will reject richard even though he's qualified and argue the agency as it's structured, will burden businesses with unnecessary regulation. >> it's shocking as this economy continues to sputter along that there are millions of people losing jobs and seeing their homes foreclose upon. the republicans are tieing their votes and their support to not main street but to wall street. the big financial concerns. >> and if republicans continue to stand against him, they could prevent his nomination from reaching the floor for a vote. >>> as we get closer to the end- of-the-year, there is some good news in the world of consumer credit. delinquency rates are down, credit card companies have more money to lend, and there is a new effort to simplify your card agreements further. fox 5s mean reporter melanie alnwick explains. >> reporter: that's right, demand for credit is increasing and that is a good thing as well. it means the consumers are slowly starting to feel

the consumer financial protection bureau meant to protect all of us from financial funny business. well, it can't really do that unless there is somebody in charge of it. president obama has somebody in mind but senate republicans don't agree and today they blocked him. the president's response and how he says he may get around their move. plus, the former new jersey governor. and u.s. senator jon corzine in the hot seat. about the collapse of his company. >> mf global made bad bets, declared bankruptcy and gave employees the boot. now lawmakers have questions for a man who once sat among them. >> you know, we have an obligation to get to the facts. and what about about all that missing money. >> i simply do not know where the money is. >> harris: jon corzine on the crash of mf global coming up. g s across the country, from helping to revitalize a neighborhood in brooklyn to financing industries that are creating jobs in boston or providing funding for the expansion of a local business serving a diverse seattle community and supporting training programs for tomorrow's workforce in

financial protection bureau. richard cordray is a dedicated and impartial public servant who will put the best interests of american consumers first. we should give him that opportunity. i hope that my colleagues will join me in strongly supporting his nomination. mr. president, i yield th yf. i yield the floor. a senator: mr. president? the presiding officer: the senator from mississippi. mr. wicker: thank you, mr. president. we are now as a country squarely in the middle of the obama economy. it is a period of slow growth, persistently high unemployment with many potential workers having abandoned the playing field and simply given up looking for work. there is a growing awareness among our countrymen that the policies of president obama, the policies enacted during the first two years of his administration under democrat supermajorities, have made matters worse. we have legitimate disagreements in this capitol concerning the solutions to the problems that we are experiencing with the obama economy. my colleagu

the consumer financial protection bureau was created in the wake of the 2008 financial crisis to protect consumers from shoddy lending and mortgage practices. before the vote, democrats argued for cordray, whereas republicans said their issue is with the agency itself, not the nominee. >> is bipartisan support and is eminently qualified. he has a long history of protecting consumers. >> all today's vote is about is accountability and transparency. it's a debate about whether we think americans need more oversight over washington or less. so once again democrats are using the senate floor this week to stage a little political theatre. they're setting up a vote they know will fail so they can act shocked about it later. >> after the vote president o >> sreenivasan: after the vote, president obama told reporters there was no reason cordray shouldn't be nominated. he vowed to keep fighting for the nomination, and left open the possibility of a recess appointment. attorney general eric holder came under heavy criticism today over what the justice department knew about the gunrunning program c

the consumer financial protection bureau says most complaints about credit cards step from the hard to understand agreements. -- stem from the hard to understand agreements. you can go to our website for more information on those card offers and new initiative. melanie alnwick, fox 5 news. >>>. >> we saw you outside earlier and the rain looked pretty bad. >> it did. it's getting better, though. this thing is almost out of here. the wind will stick around and the cold. i don't think snow will be a big deal. probably won't even see a flake. it's pulling out of town without a lot of snow and we've had some major changes to the winter weather advisories and as in most of them got canceled a bit ago. as we thought that would happen, talking about that at the beginning of the newscast, bits certainly very wet out there, camera -- but it's certainly very wet out there, camera shaking a little bit. for your morning commute, cold, blustery, maybe a couple wet spots in a few areas or a sheltered spot that's a little slick, but we think the winds will dry everything up and the storm is just about

financial protection bureau. and they admit it's not because they don't even like the guy. it's because they don't like the agency he'll be leading. which brings us to the political play of the day, and that means it brings us to john. >> that's right. today's political play of the day is blocked. the filibusters are flying in washington, d.c. you might remember earlier this year president obama wanted to nominate elizabeth warren to head the newly created consumer financial protection bureau. now republicans said that nomination would be d.o.a. so she went home to massachusetts to run for senate against scott brown and president obama put forward richard cord ray. by all accounts respected former attorney general from ohio. for what it's worth a five-time jeopardy winner. and somebody working in the agency right now. today as you said his nomination went up to the capital and he was blocked. he got 53 votes, but not enough to clear the 60-vote hurdle needed to break a filibuster the republicans put forward. here

financial protection bureau. and they admit it's not because they don't even like the guy. it's because they don't like the agency he'll be leading. which brings us to the political play of the day, and that means it brings us to john avalon. >> that's right, erin. today's political play of the day is blocked. the filibusters are flying in washington, d.c. you might remember earlier this year, president obama wanted to nominate elizabeth warren to head the newly created consumer financial protection bureau. now republicans said that nomination would be d.o.a. so she went home to massachusetts to run for senate against scott brown and president obama put forward richard cordray. by all accounts, respected former attorney general from ohio. for what it's worth, a five-time "jeopardy!" winner. and somebody working in the agency right now. today as you said his nomination went up to the capital and he was blocked. he got 53 votes, but not enough to clear the 60-vote hurdle needed to break a filibuster the republicans

the obama administration said there is a lot of oversight over the consumer financial protection bureau. during a press conference today, president obama was asked to follow-up on this issue and asked if he would be looking into a possible recess appointment. he said he is looking at all of his options and not ruling out a recess point and some have come forward and said they want to see the president look into that and take that option very seriously. tamron? >> thank you. and now to eric holder's appearance and investigating the fast and furious operation. hundreds of weapons ended up lost or unaccounted for including two firearms that may have been used in the shooting death of border patrol agent. the general admits mistakes were made, but said the border agent's death is used by some republicans to play "politically motivated gotcha games." he denied anyone lied to congress regarding this operation. >> there have been statements so misleading that a letter had to be with drawn. i think heads should roll. >> nobody in the justice department has lied. >> why was the letter with drawn

the consumer financial protection bureau is going to do important stuff. there are books out there promulgating loans right now as we speak and have this conversation. that are as deceptive and terrible as all the loans that got us into this mess. that's happening. the actual substantive regulatory responsibilities are important and we need someone to do it. the deeper question to me is, really face a democratic crisis at a certain level when the filibuster becomes normalized. it's hard for the institution to respond and people in the media to respond. what you showed the clips off, james of "the atlantaic" said, the headlines become "rob cordray's voted down." we're in a situation where we have a one-way ratchet. there's nothing pushing back. there's nothing pushing back that says this is abnormal, this is not right, this is a departure from our norms and traditions. and until we come up with some way to break that open, it's only going to close further. right? the question is, how do you get back to majority rule and, you know, we had an opportunity in j

such as with blocking richard cordry to head the consumer financial protection bureau. republicans and democrats like him, everyone says he's well-qualified, but basically the cfpb is one of the key stones of the dodd/frank financial legislations. wall street really wants to reform that, basically get rid of it, so republicans are sort of throwing them a bone and saying we're not going to approve anyone for this. >> how do you be against something that says consumer protection? >> it's hard. there's no question. i think republicans have put themselves in a box to a certain degree but the interesting argument is it's not about the nomin nominee. it's the way it's set up. it should be a board. no power should be with one person, right? that's what we've been hearing for a very long time and what republicans are saying. >> agencies all across the government are run that way. >> but the difference is, according to republicans, is wall street should be managed with the whole entire board and not just with one person. >> let's talk about another attack we have heard from the

financial protection bureau. republicans have now blocked by thrill buster a confirmation vote of former ohio attorney general richard cordray for the post. the president would not rule out now making a recess appointment. >> we are not giving up on this. we are going to keep going at it. we are not going to allow politics as usual on capitol hill to stand in the way of american consumers being protected by unscrupulous financial operators. and we're going to keep on pushing on this issue. >> the president also responded to criticism from republican presidential candidates who have accused the white house of being weak on foreign policy. >> ask osama bin laden and the 22 out of 30 top al qaeda leaders who have been taken off the field whether i engage in appeasement. or whoever is left out there. ask them about that. >> well, with the deadline approaching to extend the payroll tax cuts, the president questioned republican motives for standing in the way of that legislation. >> they think we should do a payroll ta