Big Majorities Back Regulatory Reform
Voters back financial regulatory reform by wide margins, according to a new national poll released as a Senate version is scheduled for a key test vote this afternoon.
A total of 65% said they favor stricter regulations on banks and other financial institutions, while 63% say they want stricter regulations on the way Wall Street firms conduct business, according to half-samples of a new Washington Post/ABC News poll.
Dems overwhelmingly favor tougher rules. GOPers narrowly oppose stricter regulations on banks, by a 43%-49% margin, but they support tougher rules governing how Wall Street conducts business, by a 53%-41% spread. Among independent voters, 69% favor stricter regulations on banks and financial institutions, and 61% favor more regulations on Wall Street.
What's more, Americans largely support key elements of the bill likely to hit the floor today, the poll shows. A majority, 53%, say they favor an industry-funded liquidation fund, while 42% oppose such a fund. GOPers have cast the fund as a permanent source for future bailouts as they argue against the legislation.
A larger 59% say they support more federal oversight for practices relating to loans, mortgages and credit cards, the poll found. Just 38% oppose more oversight. Americans are more closely divided over more regulation for derivatives, with 43% favoring further scrutiny and 41% opposing it.
But while Pres. Obama has been an ardent supporter of more regulation, he isn't getting high marks for his handling of the issue. Just 48% say they approve of Obama's handling of financial regulation, while an equal 48% say they disapprove.
Those are better marks than House GOPers get -- only 35% of Americans say they trust the GOP to better handle financial regulation, while 52% pick the president.
The poll surveyed 1,001 adults between April 22 and 25, for a margin of error of +/- 3%. The margin of error for half-samples is approximately +/- 4.4%.
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