Consumers strongly support regulation of Wall Street and the work of the Consumer Financial Protection Bureau (CFPB), according to a poll released today by Americans for Financial Reform and the Center for Responsible Lending.
“The American public, across lines of party, want Congress and the administration to protect the progress made in Dodd-Frank, and do more -- not less -- so the financial system works to the benefit of ordinary Americans,” said Lisa Donner, executive director of Americans for Financial Reform (AFR). “But with Wall Street and predatory lenders pumping literally billions into lobbying and campaign contributions, we are facing constant attempts to roll back the changes achieved so far.”
The poll found that more than 70 percent of likely voters believe that Wall Street holds too much influence in Washington under the Trump administration.
In line with previous years
The five years of surveys conducted by the organizations have found that voters steadfastly back tough Wall Street reforms. Among the latest findings:
- Seventy-eight percent of likely voters say that tough rules and enforcement are needed to prevent the kinds of practices that led to the financial crisis, with 85 percent of Democrats, 81 percent of Independents, and 67 percent of Republicans holding this view. Majorities in all parties favor more rather than less regulation of finance.
- The mission of the CFPB, created in 2010 to shield consumers from shady industry practices, is extremely popular, with 74 percent of voters backing its work. The poll shows majority support from Democrats (85 percent), Republicans (66 percent), and Independents (77 percent).
- The public also supports key CFPB initiatives: a ban on forced arbitration, the practice of denying consumers their day in court; regulation of high-interest payday lending; and rules on debt collection.
- Substantial majorities of all parties -- 78 percent of Democrats, 76 percent of Republicans and 62 percent of Independents -- say that Wall Street exerts too much influence in Washington.
The poll was conducted by the bipartisan team of Lake Research Partners and Chesapeake Beach Consulting last month.