Wall Street is pouring money into the campaign coffers of the Republican Party. The Republicans stood up for Wall Street on Capitol Hill, and, Wall Street is paying them back:

Financial firms and the people who work for them are increasingly donating their political cash to Republicans, according to a preliminary Center for Responsive Politics analysis of second-quarter federal campaign finance data.

The Center's preliminary study indicates that political action committees and individuals associated with the broad finance, insurance and real estate sector have given more money to federal-level Republican interests during every month since December. The gap continued to grow during that time, reaching its widest point in June...

Contribution trends toward Republicans is particularly pronounced in the securities and investment industry, the Center finds...

The Republicans stand up for Wall Street. So, Wall Street is standing up for the Republicans.

The drumbeat for Warren continues:

Consumer advocates, labor unions, liberal groups, scores of Democratic lawmakers, even the National Organization for Women, have urged President Obama to nominate Harvard law professor Elizabeth Warren as director of the new Consumer Financial Protection Bureau.

On Wednesday, Warren got a little love from the GOP side of the aisle, if not an outright endorsement for the job.

The two Republican appointees to the Congressional Oversight Panel, the group chaired by Warren that oversees the government's $700 billion bank bailout program, issued a statement saying that while they disagreed with many of Warren's views and opposed the creation of the consumer watchdog, they had found their dealings with her "to be collegial and professional."

The pair praised Warren for conducting exhaustive investigations into the federal government's rescue of firms such as American International Group and GMAC, even when those reviews produced results that didn't always shine a glowing light on the Treasury Department.

"It is important to note that the panel has been critical of policies and decisions implemented by Democrats and Republicans alike," wrote University of Kentucky economics Professor Kenneth Troske and J. Mark McWatters, a Dallas lawyer and certified public accountant, who serve on the five-member panel. "There is great virtue in that because, while it is easy to question the decisions made by members of the other political party, it takes courage to publicly question the decisions made by members of your own party."

They added, "We often debate a wide variety of issues with Professor Warren and have found her quite willing to modify her views if presented with well-reasoned, cogent arguments."

It's up to the White House whether to appoint an industry shill or a watchdog like Elizabeth Warren.

A simple case for the CFPA:

So long as Congress keeps allowing institutions to shop around for the regulator that regulates least -- rather than applying across-the-board rules for each product type regardless of who issues it -- there will be no agency that provides real accountability over the consumer practices of the big banks. The agencies that do have consumer protection authority will continue to chip away at rules in order to attract institutions to regulate and preserve the fees that come with them.

That is why a strong Consumer Financial Protection Agency is crucial. We need an agency that sees consumers, not banks, as its constituents. It also needs enough power to prevent financial institutions from leaving its jurisdiction in search of fairer regulatory pastures.

And, guess who is trying to water down real consumer protections and carry water for the banks?

The amendments proposed by Senate Republicans would fail to accomplish these goals. The details have varied from bill to bill, but the ideas remain the same.

The GOP wants to put the agency under the thumb of existing regulators who have already shown how seriously they take consumer protection. And the Republicans want to dilute the agency’s mission to protect consumers with an obligation not to interfere with bank “safety and soundness,” a phrase that has been manipulated by Wall Street and its allies to exclude meaningful reform.

Fortunately, the Senate has rejected these proposals so far. But the GOP and Wall Street lobbyists will keep trying. Senate Democrats must ensure that good sense prevails.

If the Republicans successfully dilute the power of the consumer financial protection body in this way, we will end up with more of what we have always had: regulators who lack either the appetite or the authority for reining in the risky lending practices that got us into the current financial crisis.

The Republicans are standing with Wall Street and the banksters. Is that where you stand?

The Republicans' idea of financial reform is to give the banksters what they want. It provides no regulation or oversight of "shadow" banks and even protects predatory payday lenders and check cashing outlets. The Hill:

"We've been waiting to see if they would come forward with their own plan to determine whether or not it would be as tough on the banks on Wall Street as the bill that is on the floor," (Senator Dick Durbin) said. "The verdict is in: it's not even close."

Reviewing a summary of the Republican bill, Durbin said it lacks adequate capital requirements for banks and provides no oversight of "shadow" banks that operate outside the reach of regulators.

"They actually weaken not only the requirements on banks, but certainly don't have a level of protection when it comes to shadow banks," he said.

On consumer protections, Durbin claims the Republican alternative maintains the same "fractured" system that exists where oversight is split between a number of regulators.

The Republican proposal also gives regulators the power to veto new consumer protections and exempts institutions like used car dealers, payday lenders, check cashing outlets and debt collectors from following those protections.

"This may be good news for these special interests, but it isn't to consumers across America," Durbin said.

There's real Wall Street Reform - and, then there's this plan that keeps our regulatory agencies weak and fractured, protects predatory lenders and lets 'shadow' banks continue to operate in the shadows. The Republicans aren't offering real reform. They're offering little more than a giveaway to the banksters.

Big news:

Senate Republicans are prepared to end their stalling tactics on new banking regulations...

Looks like Mitch McConnell wants to go to the Kentucky Derby after all. Big win for Main Street. Big loss for the banksters.