(CNN) - President Barack Obama said Tuesday he would veto any effort by congressional Republicans to "delay, defund or dismantle" a new consumer protection panel by blocking the confirmation of the nominated director, Richard Cordray.
"The Republicans in the Senate refuse to let him do his job," Obama said of Cordray, a former Ohio attorney general. "Why? Does anyone here think the problem that led to our financial crisis was too much oversight of mortgage lenders or debt collectors? Of course not."
Senate Republican leader Mitch McConnell, R-Kentucky, said Tuesday that Republicans will prevent a vote on Cordray's nomination until changes are made to strengthen congressional oversight of the new panel. Obama, however, said that "consumers deserve to have someone whose job it is to look out for them." To applause, he said, "I intend to make sure they do," adding that "I will veto any effort to delay, defund, or dismantle any of the new rules we put in place."