Richard Cordray, the director of the Consumer Financial Protection Bureau, said earlier this month that the agency’s diversity represents the interests of the American people, but its supporters are overwhelmingly Democratic.
Ten of the CFPB’s 25 panel members donated to Democratic groups or candidates, while only two of its members have donated to Republicans. One of the panel’s Republicans donated to Republican presidential hopeful Mitt Romney earlier this year, and the other donated to both Democrats and one Republican, The Washington Free Beacon reports.
John Berlau, a senior fellow at the Competitive Enterprise Institute, said that the panel’s political imbalance “underscores the fact that there is no accountability of the CFPB to Congress,” according to The Washington Free Beacon.
The CFPB committee also includes Robert Stoll, the vice-chair of the Oregon Democratic Committee and a member of the Democratic National Committee.
The board’s members combined have donated more than $80,000 to Democratic candidates and organizations since 2007, while Republican candidates have only received $1,250.
Among the board’s Democratic donors, the median donation towards Democratic efforts is $3,000. Stoll has given the most in donations, with more than $54,000 to Democratic groups and candidates. Stoll gave a $10,000 donation on three separate occasions – once to Oregon’s Democratic Party, another to the Democratic Senatorial Campaign Committee and once to the DNC. He also gave $5,000 to President Obama during this campaign cycle.
Ellen Seidman is the board’s second largest donor, giving $13,950 towards Democratic efforts. Seidman donated $6,900 to Hillary Clinton’s campaign and $1,500 to EMILY’s List, which is “dedicated to electing pro-Choice Democratic women” to build “a lasting progressive majority,” according to The Washington Free Beacon.
Jo Ann Barefoot, the member who has donated solely to Republicans, gave a one-time donation of $1,000 to Romney earlier this year. Before joining the agency’s advisory board.
Berlau said that the panel gives “Cordray the illusion of support for doing what he already wants to do—to pursue the liberal, big-government policy he already wants to pursue,” according to The Washington Free Beacon.