June 25th, 2010
10:05 AM ET
12 years ago

Polls: Majority favor increased Wall Street regulation

[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2010/images/06/25/art.wallstreet.0623r.gi.jpg caption=" A CNN/Opinion Research Corporation survey conducted in late May indicated that a growing number of Americans support increased federal regulation over Wall Street banks and other financial institutions."]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

Filed under: CNN Polls • Financial Reform • issues
soundoff (31 Responses)
  1. a health economist

    Every game needs a referee. Granted if the referee doesn't know what he's doing, doesn't do his job, or is paid off by one side problems will occur. But the idea that the free market can ALWAYS regrulate itself with absolutely no government intervention whatsoever AND will result in a good scenario is ludicrous.

    Any bad apples that actually would be weeded out by the "invisible hand" of the market would only be AFTER damage has been done. Pure 100% free market principles would dictate that anyone could practice medicine and would not need any type of training or certification. The bad doctors would be pushed out by the good doctors. Unfortunatley, this would ver likely not happen until many deaths and adverse outcomes of the bad doctors.

    June 25, 2010 11:50 am at 11:50 am |
  2. PalmReader

    It doesn't matter what the American people want - or need - really. The GOP agenda has been to vote NO regardless of the best interests of Americans, and they have not wavered from that goal.

    Health Care, Unemployment, Financial Reform. Given the opportunity, the GOP would have us all lining the streets with our cups in hand, waiting for our daily allotment of soup.

    Yet, to listen to the GOPers, one would think it is the Dems, not they, who can't get anything done.

    The Dems, who DO NOT have a majority, manage to keep working towards the best interests of America as they continue to stave off a depression as they dig us out from the GOPers recession. Kudos to those who vote YES for the American people.

    GOPers, meanwhile, show their true colors time and again . . . their inept leadership leading the charge.

    June 25, 2010 11:53 am at 11:53 am |
  3. Scott Kenan

    It's about time!!! Even if not perfect.

    June 25, 2010 11:54 am at 11:54 am |
  4. Annie, Atlanta

    Here's a few I'd like to see the GOP explain.

    – They're against Wall Street reform, and it's getting watered down, as usual (so personally, why bother!).

    – They're against reinstating the estate tax. If I inherited a million or billion from a relative, the GOP thinks I shouldn't have to pay estate taxes on that.

    – They're against extending unemployment benefits to people who are counting on that money to eat. We're getting fat, lazy, and drugged out according to various members of that part, on unemployment. Do you know what the maximum benefit in the State of GA is? $330 before taxes. I'd like to see them live on that.

    – Then there's that apology to BP by Joe Barton, which they were for before they were against.

    There's talk in DC and on the internet that they're trying to destroy us financially so that we'll put them back in power. And there is still around 50% of us who want to put these people back in power. Are we crazy, or what?

    June 25, 2010 11:58 am at 11:58 am |
  5. Jane

    Guess what. If Republicans are voted into office in November, we will not get more regulation of Wall Street, but less. The lack of regulation is why our economy reached the point of disaster that it already has.

    June 25, 2010 12:02 pm at 12:02 pm |
  6. Obama is toxic

    I have an idea. Why don't we kill inovation and risk like the Democrats would prefer. See how our standard of living sinks with the wealth of our country as the productive winners in our society go elsewhere.

    Gov't doesn't create much of anything but lately mainly a great deal of financial misery and the financial regulation which is excessive will kill innovation and growth.

    June 25, 2010 12:04 pm at 12:04 pm |
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