Despite not having enough votes to confirm Richard Cordray as director to the Consumer Financial Protection Bureau, Senate Democrats believe their efforts will portray them as middle class advocates.
Senate Democratic leadership staff say that the “no” vote on the nomination gives Democrats the leverage to accuse Republicans of being “pawns of the financial industry,” according to RollCall.com.
The White House put heavy pressure on Senators from the states of Alaska, Indiana, Iowa, Maine, Nevada, Tennessee and Utah a week before the vote that took place on Thursday.
Unmoved by the last-ditch efforts, Senate Republicans ultimately rejected the confirmation and called the vote for Cordray a political stunt meant to give Democrats talking points on their campaign trails.
“Republicans are trying to increase the accountability of a largely unaccountable agency,” a Senate GOP aide said, RollCall.com reports. “I don’t think the [Democratic] argument holds water.”
Throughout the debate over Cordray’s nomination, Senate Republicans have said that they want the bureau to be funded through Congressional appropriations instead of the Federal Reserve System. They also want the position of the director to be replaced with a bipartisan commission.
Other federal financial regulatory agencies, including the SEC, the Commodity Futures Trading Commission and the FDIC, all receive funding through Congress and are structured with a board.