It’s interesting how feedback from real people is often different than what we hear out of Congress and the influence of politics. If you believed what is broadcast on the news we hear the Republicans in Congress are against the regulation and powers of the new Consumer Financial Protection Bureau, a single agency with oversight over financial affairs.
But in a survey conducted by AARP, the Center for Responsible Lending, and Americans for Financial Reform, the message from Main Street is that people of all political affiliations want the CFPB or certainly a CFPB like agency to exist.
Of the people polled by Lake Research Partners, 63 percent of overall voters want government oversight of financial companies. Voters of all parties feel that Wall Street needs tougher rules and enforcement. 88% – Democrats, 74% – Independents, 70% – Republicans.
The pollster had this to share from their survey.
Voters broadly and strongly support Wall Street reform. They support it in principle, they support it in law, they support the individual components of the reform law and they want it to be allowed to take effect. After hearing arguments in support and in opposition, voters across party lines still solidly support the Wall Street reform law.
• Despite severe partisanship in Washington, voters across the country are united in their support of Wall Street reform and nearly half are prepared to punish members of Congress at the ballot box if they vote to repeal Wall Street reform.
• Conventional wisdom tells us that nobody wants government regulation and bureaucracy. In reality, voters don’t buy this argument when it comes to Wall Street reform and start out believing we need more government regulation of financial companies. They support having a single federal agency with the single mission of protecting consumers from financial companies and reject the false argument that Wall Street reform stands in the way of getting our economy back on track. – Source
The overall response of consumer voters to needed regulation was overwhelming supportive.
I’d love to hear from you in the comments below if you think credit card companies and other financial service providers need more or less oversight.