American Voters Favor Strong Oversight of Wall Street, Says Survey

July 18, 2012
Financial Advisor Magazine 
consumer financial protection bureau news

A national survey commissioned by AARP, the Center for Responsible Lending, Americans for Financial Reform, and the National Council of La Raza has found that three out of four U.S. voters firmly back federal reforms proposed two years ago to crack down on Wall Street after the 2008 financial crisis. The poll comes as the Dodd-Frank Act, which created the Consumer Financial Protection Bureau (CFPB), turns two years old. Two-thirds of respondents support a state's right to pass even stronger consumer protections, without preemption by federal law. Respondents also supported establishment of the CFPB by a 40-point margin. Support for the Dodd-Frank Act tended to cross party lines: Republicans were in favor by a 20-point margin, independents by 50 points, and Democrats by 83 points. Gary Kalman, director of federal policy for the Center for Responsible Lending, said that bipartisan support is not surprising. "Who hasn't been hurt by the economic downturn?" he asked. "People get that common sense oversight could have prevented it." The survey of 803 randomly selected respondents was conducted by Lake Research Partners July 5-10.
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