77% of Americans Want Tougher Rules for Wall Street, Support Financial Reform

Press release from the issuing company

Wednesday, July 20th, 2011

An overwhelming majority of Americans -- Republican, Democratic, and Independent -- favor strong, sensible oversight of the financial services industry, including a strong and independent Consumer Financial Protection Bureau.

By a 3 to 1 margin Americans want financial firms held accountable and financial reforms to take effect as soon as possible. And they want the CFPB -- created by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 -- to be up and running as planned, not diluted by industry's current attempts to weaken its funding and structure.

The poll, conducted by Lake Research Partners, and sponsored by AARP, the Center for Responsible Lending and Americans for Financial Reform, found the following:

  • After hearing arguments in support of and in opposition to financial reforms, voters across party lines solidly support the Wall Street reform law.
  • Voters favor a single federal agency with the sole mission of safeguarding the public from deceptive financial practices and predatory products.
  • Voters believe safeguards will help restore the economy and not, as some on Wall Street say, stand in its way.

Nancy LeaMond, Executive Vice President ofAARP:"During the financial crisis, too many older Americans lost their savings due to the failure of an outdated and compromised financial regulatory system. That's why most Americans say they want clear, accurate information so they can make the best financial decisions for their families, and a watchdog that will protect them from financial abuse."

Mike Calhoun, president of theCenter for Responsible Lending: "Everyday Americans know what's good for their pocketbooks, their families, and our economy -- that's why a large, bipartisan majority is calling for financial reforms to take effect. Let's hope policymakers hear them loud and clear."

Lisa Donner, executive director ofAmericans for Financial Reform:"Voters were very clear. They do not buy Wall Street's arguments against reform, and theydowant effective cops on the beat policing the financial marketplace."