Washington (CNN) - A growing number of Americans appear to support a key provision in the financial reform legislation that Congress has moved a step closer to final passage.
After a grueling 20-hour session, lawmakers early Friday finished melding the House and Senate Wall Street reform bills, bringing Congress closer to passing the most sweeping changes to the financial system since the New Deal.
Hours later, President Barack Obama praised Congress.
The measure includes the "toughest financial reforms" since the Great Depression, said Obama.
It represents "90 percent of what I proposed when I took up this fight." The compromise plan "will hold Wall Street accountable," added the president.
A CNN/Opinion Research Corporation survey conducted late last month indicated that a growing number of Americans support increased federal regulation over Wall Street banks and other financial institutions. Six out of ten people questioned in the poll said they favor the legislation, with 38 percent opposed. Support for the bill was up seven points from March, and opposition was down five points.
"Higher-income Americans appear more likely to support the bill than those who make less than $50,000 a year. Stricter financial regulations are popular with Democrats and independents; a bare majority of Republicans oppose that legislation," said CNN Polling Director Keating Holland.
A USA Today/Gallup survey conducted earlier this month also indicated that a majority of the public supported expanding government regulation of major financial institutions.
The legislation aims to stop bailouts, shine a light on complex financial products, and strengthen consumer protection. The bill would establish a consumer financial protection regulatory agency that could write new rules to protect consumers from unfair or abusive mortgages and credit cards.
It would also create a council of regulators that would sound an alarm before companies are in position to trigger a financial crisis. The bill would also establish new procedures for shutting down giant financial firms that are collapsing.
The House, last year, and the Senate, last month, passed different versions of the legislation.
–CNN's Paul Steinhauser and CNNMoney.com’s Jennifer Liberto contributed to this report
"toughest financial reform " translates in obamaeze to "spread the wealth around to the undeserving entltement class, so they can sit at home, collect their bennies and play Xbox until it's time to go to Wal-Mart. "
What a proud society we've become.
So once again, Republicans try to block what the majority of Americans want.
And then I hear day after day that it will be rough for Democrats in the next election.
Americans deserve what we get...we are just idiots.
It will be interesting to see how many Republicans side with Wall St. greed against the majority of Americans on this legislation.
By now, we should have seen enough of the results of Reaganomics and deregulation to realize that profits never trickle down and that oil erupts like a volcano when industries self-regulate. There are reasons to have rules in place. While Republican leaders have spoken eloquently about accountability, they don't seem to grasp the fact that regulations are necessary to rein in greed and ensure accountability.
"Voluntary compliance" is just a clever term for no regulations, no enforcement, no accountability.
Change we can believe in!
Citizens think that people selling snake oil (derivatives – credit default swaps and the like) should be regulated?
If you ask Wall Street, I'm sure it's just because we're too stupid to understand....
Citizens voices are being listened to for a change and Congress fears US more than they do Wall Street. They should, we have more votes.
Queue GOPers screaming about their ideology being the mainstream and the need for Washington to listen to the will of the people...oh wait...
I'll bet you out of those 6 of 10 people that say they support this legislation none could tell or explain the bill.
Wait! I thought Obama was just golfing and getting nothing done? Oh wait, another accomplishment? In truth, Obama has gotten more done in his short time than most CIC's in recent history. This is a big win for us regular folks! I'm sure this is a very tough pill to swallow for those who want to see him (an thus our country) fail. Glad most reasonable people learn from the past and move forward and not backward to repeat the same old failed policies.
What is the point? We all ready have hundreds if not thousands of existing laws that the Government chooses to NOT enforce. Why make more laws?
Anyone with the least amount of common sense would know that many of these laws were broken and because of the Government's refusal to enforce the laws we have we had an economic meltdown.
After the melt down did we investigate and prosecute those who committed these crimes of fraud and insider trading? No our Government leadership bailed them out using taxpayers as the back stop. It is We (the little) People who are now burdened with a near 14 trillion dollar debt and no one has been criminally charged?
I ask you why make more laws if the Government will choose not to enforce them?
I wonder how the GOP will spin these findings.
After all a majority wanted health care form and the GOP said no one did.
A majority favors Supreme Court nominee Kagan; the GOP sais no one does
A majority places the gulf blame on either BP or the Bush administration, the GOP says it's all Obamas fault.
See a trend here?
Fannie and Freddie are government sponsored enterprises (GSEs) that had a federal agency created just to oversee and regulate them. In 2003, that agency (OFHEO) warned congress that Fannie and Freddie were going to destroy the economy. OFHEO was laughed to scorn by said congress. In the end, private companies were demonized and Wall Street thrown under the bus while the GSEs consume the greatest portion of bailout monies with no end in sight. This new regulatory legislation is a smokescreen and will accomplish nothing. The real culprits are members of congress, the Democrats who created and enabled Fannie and Freddie to do their damage, and those who would now cover that up, including a national media that was either too lazy or too complicit to tell the story of Fannie and Freddie's involvement in the crisis, specifically their involvement in mortgage-backed securities and derivatives.
People 'favor' the joke of a reform bill because they have no clue how it will affect them. CNN should make a little effort to REPORT WHAT IS IN THE BILL. Nothing IN THE NEW BILL caused the last recession. The new bill is just a proactive bailout.
The recession was caused by Government intervention that forced banks to make bad loans (backed by Fan and Fred - a loss of $400B in taxpayer money).
We already have regulations in place. If laws were broken. Put them in jail.
Since 60% of Americans support Wall Street regulation, and the GOP is always saying how they want to do the will of the people, they should all over this issue, right? Oh no. Most of them voted against the bill even though a majority support it. Could it be that their corporate masters have more influence than a majority of Americans?
Reform isnt good enough they need to wire tap all there phones put bug's in there homes and hidden cameras planted in there offices .
It only works if we actually enforce them, which we don't do much of now. Without a commitment to enforcement, I don't see how a whole lot is going to change other than having higher banking fees and interest rates which I'm seeing already.
Who cares if people want stronger regulation on banking or Wall Street or even the oil industry. The people who run this country, the banking industry, Wall Street and the oil industry are against it and have informed their employees, i.e., The United States Government, not to allow it, so what can we, the sheeple, do about it.
Wall Street is nothing more than a casino for elitist gamblers. Speculation is an evil in our financial system and it should be completely eliminated. The best thing that could happen would be to shut down Wall Street and make all of those leeches go out and work real jobs that actually contribute something to society.
Thirty years of deregulation and tax-cuts for rich global corporations and now America has had enough. Reagan was wrong, nothing ever trickled down from the fat high-end and it only got bigger and fatter. The Republican Party is the Party of Stock Holder Incorporated Together and their only concern is to serve stock holders profits and pass the bills to the American people with oil spill liability caps for corporations.
Wall Street reform? Locking the barn after the horse has escaped.
the problem is the law makers are in bed with these guys anyway...who can trust dodd ... he was a huge cheat....
What kind of dummy would OPPOSE more regulation of Wall Street? Let's be honest. Conservatism FAILED this nation with disastrous results...from the Great Recession to the BP oil disaster, it's ALL a result of deregulation.
According to conservatives, private sector can 'police itself' and we don't need govt. putting regulations. But they forget that's what we have now and the companies in pursuit of maximum profits have done everything within their means to find out risky new ways to make money and play with very economic fiber of this country. These regulations will ensure that the country does not come to the brink of economic disaster again. These regulations are based on what we know now and should be subject to change if companies find more rsisky ways of doing business which effects the overall economy. Also its important that the countries in G8 and G20 summits can reach similar regulations for the companies operating from their soil.
Glad that inept, corrupt, union toady is hobnobbing with all of the Euro-trash that gave him the phony peace prize today. In the meantime my 401k keeps sinking. It sure would be nice if this idiot the libertards elected through their theft of votes sponsored by SEIU/ACORN cared about those who actually pay taxes and accepted personal responsibility for their lives as much as he does the dope smoking, NEA fogged minds that voted for him.
Great Job by Congress and this President., all of this in 17th months
Sudent Loans Revision