March 23rd, 2010
02:46 PM ET
8 years ago

Poll: 53 percent want new rules for Wall Street

A new CNN/Opinion Research Corporation poll reveals that 53 percent of Americans favor new restrictions on banks.

A new CNN/Opinion Research Corporation poll reveals that 53 percent of Americans favor new restrictions on banks.

Washington (CNN) - A little more than half of Americans want Congress to impose tighter regulation over Wall Street, a new survey released Tuesday found.

According to a CNN/Opinion Research Corporation poll, 53 percent favor legislation that would place new restrictions on banks and other financial companies, while 43 percent oppose it.

The Obama administration and Democrats in Congress have led the move to rewrite the rules of finance. But little progress has been made some 18 months since the height of the financial panic in September 2008.

The House passed a comprehensive bill last December that would impose more oversight and stronger capital cushions for the largest banks and Wall Street firms.

The push has been much slower going in the Senate. On Monday, the Senate Banking, Housing, and Urban Affairs Committee voted on party line to pass a Wall Street overhaul bill by its chairman, Connecticut Democrat Chris Dodd. The bill is expected to face strong opposition from Republicans and industry lobbyists as it heads to the Senate floor.

In fact, the issue draws out sharp party differences. The CNN poll found that 68 percent of Democrats and 51 percent of Independents favor bank legislation. By contrast, only 35 percent of Republicans favor new regulation and 62 percent oppose it.

The CNN poll was conducted on March 19-21 through telephone interviews with 1,030 adult Americans. The poll has a margin of error of plus or minus 3 percentage points.

Filed under: CNN poll • Wall Street
soundoff (44 Responses)
  1. Dennis

    Okay, 53 percent in my mind in the WILL OF THE PEOPLE. Guess which party will try and block it. Guess who gets their fair share of all the greed and corruption on Wall Street.

    March 23, 2010 03:29 pm at 3:29 pm |
  2. Independent One

    The repubs will fight against this and say no, no, no

    March 23, 2010 03:34 pm at 3:34 pm |
  3. Annie, Atlanta

    Only 53%? Who was polled? Wall Street banksters? That's amazing. Wall Street brought the world's economy to it's knees with their gambling practices, keeping their winnings and letting the US taxpayers cover their losses, and just a little over half of the people polled want this fixed? Seriously? Maybe news organizations aren't doing their jobs.

    March 23, 2010 03:41 pm at 3:41 pm |
  4. walleye

    If strict regulations are not into place SOON, we will be replaying the last two years over again.

    March 23, 2010 03:47 pm at 3:47 pm |
  5. Felly

    The Grand Obstructionist Party is a fraud. There aversion to reform and innovation is indelible.

    March 23, 2010 03:50 pm at 3:50 pm |
  6. Phil

    This is a good way to bring independents back from the lies of the Republicans.

    March 23, 2010 03:50 pm at 3:50 pm |
  7. bill

    I think the percent would be MUCH higher if people knew more about the inner workings of the financial industry as a whole.

    This sector siphons vast sums of money out of the economy – too much of it centered around activities of little or no benefit to society as a whole. Much of it is best described as big-stakes gambling pure and simple.

    It wouldn't be such a critical issue except too much of the winnings go to a select few and the losses ultimately come out of the public's pockets' in bailouts or fee/price increases.

    March 23, 2010 03:53 pm at 3:53 pm |
  8. Victim of GOP Taliban

    Yes we need REAL regulation and reform to prevent another debacle. Plus fix executive compensation so the executives are given golden parachutes or rewarded for risky or dangerous investment schemes.

    March 23, 2010 03:58 pm at 3:58 pm |
  9. Dave

    Yeah, first of all keed the Fedearla Reserve out of it. Then keep Dodd and Frank out of it.

    March 23, 2010 04:00 pm at 4:00 pm |
  10. T'SAH from Virginia

    This is the first time I see that the polls are RIGHT!! This is straight forward and can only be asked one way. Therefore, the results could ONLY be YES or NO – NO maybes NO spin!!!

    March 23, 2010 04:03 pm at 4:03 pm |
  11. GJ

    This bill in the short term is even more important to the country than HCR was. If we cannot band together around some type of reform after such a massive and devastating economic collapse, then our government is really broken. (Or at least the Republicans!).

    March 23, 2010 04:04 pm at 4:04 pm |
  12. Randolph Carter, I'm no expert but...

    But, of course, financial "reform" will be written by Wall St. lobbyists and will contain no real reform. Kinda like healthcare "reform." Oh well. And y'all think government is the problem? Naive at best. Keep on believeing in the out-of-control global capitalist system, consumerbots. See where it gets you in 10 years. Have a nice day!

    March 23, 2010 04:05 pm at 4:05 pm |
  13. Dano

    Poll: 53 percent want new rules for Wall Street

    Since the GOP is so intent on doing the "will of the American people" (in their opinion) when it comes to health care reform, they should embrace tightening regulations on wall street and the banking industry, right? Right?

    March 23, 2010 04:05 pm at 4:05 pm |
  14. Brian

    So the financial sector causes the second largest depression since the great depression, and only 53% of the population sees that as an issue? What can I say other than wow?

    March 23, 2010 04:14 pm at 4:14 pm |
  15. SMC, central PA

    Wall Street reform is not going to work until we tax stock trades to diminish short term speculation. Give a tax cut on capital gains to make up for the difference. Steve Jobs is rumored to have a health issue (which turns out to be false) and Apple's stocks plummet? That is not how the system should work. This country needs to encourage long-term investors, not what is essentially legalized stock gambling.

    March 23, 2010 04:24 pm at 4:24 pm |
  16. ThinkAgain

    Wall Street earned these regulations, by irresponsibly gambling away people's hard-earned money – and then begging those same hard-working taxpayers to bail them out when their financial schemes inevitably failed.

    Regulate them and don't let them become "too big to fail." I'm done with subsidizing a bunch of greedy, gambling-addicted jerks!

    March 23, 2010 04:24 pm at 4:24 pm |
  17. Sandy in Portland

    Excuse me, but we care what you think, what you say, what you are doing for what reason?

    March 23, 2010 04:25 pm at 4:25 pm |
  18. Louis

    ...and the other 47% likes the current Wall Street regulations?

    March 23, 2010 04:27 pm at 4:27 pm |
  19. Walter

    I assume that this is the next item on the Democrat's agenda. I certainly hope so.

    March 23, 2010 04:28 pm at 4:28 pm |
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