Just seven months ago, Democrats appeared to be boxed in, unable to confirm a leader to the Consumer Financial Protection Bureau without agreeing to demands from Senate Republicans to overhaul the agency's structure.
While they are still unable to install a director for the agency, the Democrats now appear to be using the stand-off to their political advantage. In an all-out media offensive led by the Obama administration, the Democrats this week have successfully raised the CFPB's profile and put Republicans on the defensive for the first time since the agency's creation.
The issue now appears poised to be part of the 2012 election campaign if Democrats can keep up the pressure.
"Democrats can't change Republican votes on the issue, probably, but they can exact a political price and push their election year theme that the GOP is for the rich and they are for the middle class," said Larry Sabato, the director of the University of Virginia's Center for Politics.
The showdown over the director came to a head Thursday, when the Senate rejected a motion to hold an up-or-down vote on Cordray's confirmation.
After the vote, Democrats launched a media blitz with President Obama scheduling an impromptu press conference to discuss the issue. Congressional Democrats, meanwhile, immediately filled reporters' in-boxes with statements expressing outrage over what they claimed was Republican obstructionism.
For an issue that has captivated the financial services world but few others, the flurry of activity appeared to work. On Twitter, which is usually dominated with news about the latest celebrity divorce, the topics "CFPB," "Richard Cordray," and "Senate GOP" were suddenly trending — a term that describes the most popular keywords used on the service.
Aside from some Republican lawmakers attempting to explain their vote, many of those on Twitter were expressing outrage over the vote.
The episode is likely to reinforce Democrats' notion that the issue is a political winner for them, allowing them to score points with their base by standing firm on Cordray while portraying Republicans as too close to Wall Street.
The question remains, however, whether Democrats will be able to successfully keep up the pressure and make it resonate with voters.
