Federal TARP watchdog Elizabeth Warren is warning that the Republican proposal for a “consumer protection agency” is anti-family.

“I’m tired of hearing politicians claim to support families and, at the same time, vote with the big banks on the most important financial reform package in generations. I’m deep-down tired of it.”

The current Senate bill, sponsored by Democrat Christopher Dodd, which would house the new consumer agency within the Federal Reserve,

adheres to Warren’s four tests: a chief appointed by the president, an independent source of funding, the authority to write consumer rules and the ability to enforce them against unscrupulous lenders. The unit, thus, focuses squarely on consumers. Ensuring banks’ profitability is left to banking regulators. The Republicans’ counter-proposal, released this week, fails all four of Warren’s tests.

Warren describes the Republican proposal as follows: “”The whole idea of the substitute is to take a bunch of regulators that already failed and throw them in a committee together.”