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Obama administration urges Senate to confirm director of CFPB

Timothy GeithnerTreasury Secretary Tim Geithner encouraged the Senate to confirm a director to run the Consumer Financial Protection Bureau on Thursday.

"The longer we wait to confirm a director, the more we're leaving millions of Americans who aren't doing business with banks vulnerable to the kind of predation and abuse that caused so much damage in this crisis," Geithner said, CNN.com reports.

Observers say any pleading coming from the White House for a confirmation vote in the Senate may be useless.

Senate Republicans have vowed to continue their hold on the confirmation until December unless the administration agrees to certain changes to the structure of the bureau.

The changes include replacing the director with a board, forcing the bureau to request its budget money from Congress each fiscal year and reducing the scope of the bureau’s power over financial institutions.

During a House hearing in Oct., Geithner told Republicans that Obama wouldn’t consider the changes.

Geithner repeated that message on Thursday, saying "we don't see a case" for changing the checks and balances that Congress put in place when it created the agency, according to CNN.com.

After his retirement announcement, Rep. Barney Frank (D-Mass.) said he didn’t expect a confirmation vote before the end of the year.

Frank, who co-authored the bill last year that created the bureau, called the situation a “deadlock” that he doesn’t see being broken, CNN.com reports.

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