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Americans Favor Strong Wall Street Oversight
By Kymberly Levesque

A survey conducted by Lake Research Partners and commissioned by AARP, the Center for Responsible Lending, Americans for Financial Reform and the National Council of La Raza shows overwhelming bipartisan support of financial regulation.

The national survey was conducted over five days in early July and asked 803 likely voters in the 2012 election their opinions on the Dodd-Frank Act. Dodd-Frank is a series of new laws passed two years ago in the aftermath of the 2008-2009 near-collapse of the global financial system. It established the new Consumer Financial Protection Bureau (CFPB), as well as many other financial reforms.

The survey’s findings showed support from Americans for many of the financial reforms in the Dodd-Frank Act, including:

  • Overall, three out of four voters strongly support the reforms enacted in the Dodd-Frank legislation. The support cuts across party lines, with Republicans in favor of Dodd-Frank by a 20-point margin and Democrats by an 83-point margin.
  • Two-thirds of respondents also support a state’s right to pass stronger laws providing consumer protection that could not be superseded by weaker federal law.
  • The Consumer Financial Protection Bureau was supported by a 40-point margin, with 66% of overall respondents indicating that the CFPB is much needed.

Gary Kalman, the director of federal policy for the Center for Responsible Lending, said bipartisan support for Dodd-Frank’s reforms are no surprise; continuing, “Who hasn’t been hurt by the economic downturn? People get that common sense oversight could have prevented it.”

Posted: July 26, 2012