President Barack Obama has decided to nominate Richard Cordray instead of Elizabeth Warren to head the Consumer Financial Protection Bureau (CFPB), but Senate Minority Leader Mitch McConnell (R-KY) doesn't care. He says Republicans still plan to block the nomination.

"I would remind [President Obama] that Senate Republicans still aren't interested in approving anyone to the position until the president agrees to make this massive government bureaucracy more accountable and transparent to the American people," McConnell announced on the Senate floor Monday.

He continued: "Back on May 5 of this year, 44 Republican Senators signed a letter to the president stating -- quote -- 'We will not support the consideration of any nominee, regardless of party affiliation, to be the CFPB director until the Consumer Financial Protection Bureau is reformed.'"

"We have no doubt that without proper oversight, the CFPB will only multiply the kind of countless, burdensome regulations that are holding our economy back right now and that it will have countless unintended consequences for individuals and small businesses that constrict credit, stifle growth, and destroy jobs. That's why everyone from florists to community bankers opposed its creation in the first place. That's why we'll insist on serious reforms to bring accountability and transparency to the agency before we consider any nominee to run it."