On Wednesday, President Barack Obama officially sent Richard Cordray’s nomination to lead the Consumer Financial Protection Bureau (CFPB) to the Senate, about a week after Senate Minority Leader Mitch McConnell (R-Ky.) and his colleagues pledged to block his appointment.

The bureau was created as part of the Dodd-Frank financial reform legislation to serve as a watchdog for the financial industry and protect consumers.

McConnell and his Republican colleagues say they will filibuster Cordray’s nomination until several changes are made to weaken the agency’s oversight capabilities, an unprecedented move to use the presidential appointment process to change or nullify a law passed by Congress.

Cordray's nomination may have received less press attention because it came during a week that saw the president’s nominee for Secretary of Defense filibustered by Republicans. But like Chuck Hagel’s nomination, which saw outside groups spending over $200,000 on attack ads, political money will play a role in Cordray’s nomination; more specifically, the campaign contributions from the financial services industry that would like to see a weaker oversight bureau.

And Minority Leader McConnell is near the top of Wall Street’s list for preferred candidates, according to Public Campaign analysis of his recent FEC filings and the Center for Responsive Politics.

• McConnell held a fundraiser in New York City at the offices of Moore Capital Management, a large hedge fund, according to analysis of his FEC filing.
• He received at least $19,550 in donations from employees at financial services company The Hartford, and $38,000 from Travelers Insurance donors in the fourth quarter. Travelers Insurance lobbied specifically on implementation of financial reform legislation during that period.
• The American Bankers Association PAC, a group that is exactly as it sounds, donated $5,000 to McConnell’s Bluegrass Committee leadership PAC on January 1st.
• McConnell has received $7.4 million in financial industry donations over the years, according to the Center for Responsive Politics. The securities and investment industry is the biggest career donor to McConnell, with Citigroup, JPMorgan, UBS, and Elliott Management in his top 10 donor list.
• Two of the first enforcement actions by the CFPB were settlements with Capital One and American Express. McConnell has received at least $121,500 in campaign contributions from Capital One donors and $69,950 from American Express, according to Public Campaign Action Fund's report, "Cashing in on Obstruction."

In a system dominated by super PACs, billionaires, and big money donors, people like McConnell are rewarded with campaign cash not just for favorable policy outcomes, but also for blocking "bad" bills or slowing down the process. McConnell is up for re-election in 2014 and appears to realize he needs all the help he can get.