U.S. Senate Republican Leader Mitch McConnell made the following statement on the Senate Floor Monday regarding The Middle Class Tax Relief and Job Creation Act, which would extend temporary tax relief to working Americans, prevent more job losses by blocking new regulations on U.S. manufacturers, and facilitate the creation of tens of thousands of new jobs through the construction of the Keystone XL pipeline.

Without reform, the Consumer Financial Protection Bureau's director would be unaccountable to Congress or the American people and oversee a budget that is not subject to congressional oversight. Months ago, Republicans sent the president a letter explaining their concerns about this lack of transparency and accountability in an agency that is supposed to be protecting consumers. Now the president has nominated a director for this agency without making any effort to respond to Republicans' concerns. No director should take over the CFPB until these serious structural concerns are addressed and the agency is made accountable to the American people.

Over the past three years, the president has taken a bad economic situation and made it worse. Despite hundreds of billions in so-called stimulus legislation, our economy has continued to struggle. Now the president has chosen to postpone the creation of 20,000 jobs -- and the potential for up to 250,000 more -- to give himself political cover with interest groups important to his reelection. If the president is serious about job creation, he will immediately approve the construction of the Keystone XL pipeline and put 20,000 Americans to work.