These poll numbers were released earlier today by Rasmussen Reports -- "an electronic publishing firm specializing in the collection, publication, and distribution of public opinion polling information."
52% Oppose Further Regulation of U.S. Financial System
Tuesday, December 15, 2009
Americans remain opposed to further government regulation of the U.S. financial system, even as President Obama and congressional Democrats move closer to passage of legislation that will give the government more oversight than ever.
A new Rasmussen Reports national telephone survey shows that 52% of adults oppose more government regulation of the financial sector, up from 47% in June when the president first proposed it to prevent a repeat of last year's Wall Street meltdown. Twenty-eight percent (28%) favor allowing the government more oversight of the financial system, while another 20% aren't sure.
Opposition to further regulation is unchanged from September when the president gave a speech on Wall Street again calling for passage of the oversight plan. But support has fallen five points since then.
Americans also continue to be evenly divided over the need for a new government agency to regulate what banks, mortgage lenders and credit cards offer. Forty-one percent (41%) think the creation of the new agency is a good idea. Forty-four percent (44%) disagree, and 15% are undecided.
These findings are driven in part by the cynicism many adults have about the government's actions regarding the financial sector. Forty-six percent (46%) believe that, generally speaking, the federal government is more concerned with making Wall Street firms profitable rather than making sure the financial system works well for all Americans.
Twenty-eight percent (28%) say the government is more concerned with making sure the system works well for all. Twenty-five percent (25%) are not sure what the government has in mind. These numbers are largely unchanged from September .
The House on Friday approved a measure, spearheaded by Democratic Congressman Barney Frank, that "would bring the biggest change to financial rules since the 1930s," according to the Wall Street Journal. In addition to creating a new Consumer Financial Protection Agency, the bill would let the government assess billions of dollars in fees on large financial companies and subject those companies to much greater government oversight. The Senate has yet to vote on their version of the measure.
Americans like one part of the bill, however. Seventy-nine percent (79%) think regularly auditing the Federal Reserve Board and making those results public is a good idea.
Seventy-seven percent (77%) of Republicans and a plurality (45%) of adults not affiliated with either major political party oppose more government regulation of the financial system. Democrats are more closely divided: 42% favor more regulation, but 36% are opposed.
However, most Democrats (55%) support the creation of a new consumer protection agency. Sixty-eight percent (68%) of Republicans are against such an agency. Unaffiliateds are almost evenly divided on the question.
Democrats are similarly divided over whether the federal government is more concerned with making Wall Street firms profitable or making sure the financial system works for all Americans. A plurality (43%) of Republicans say the government favors Wall Street, a view shared by 57% of unaffiliated adults.
Supporters of the new regulation plan argue that it will eliminate the need for the government to ever again bail out large banks whose failures could hurt the entire economy. Americans have consistently opposed bailouts of the financial industry. Eighty percent (80%) say Wall Street benefited more from the bailout of the financial industry than the average taxpayer.
Sixty-four percent (64%) say, generally speaking, if a bank is failing , it's better for the economy to let it go out of business. Only 28% believe some banks are too big to fail.
Most Americans say the federal government should place limits on how much banks charge when customers overdraw their bank accounts, but they also believe banks should be allowed to charge a higher amount to customers who frequently overdraw their accounts.
Fifty percent (50%) of Americans say interest rates on their credit cards have been raised in the past six months. Still, 50% fear that if Congress regulates the interest rates banks charge, it will make it harder for some people to get credit cards .
One-out-of-two Americans (50%) still lack confidence in the U.S. banking system .
Most voters worry, though, that the federal government will do too much when it comes to reacting to the nation's financial problems. That's seven points higher than the week after Obama took office in January.
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To view the original report, please use this link: Take This to the Bank!