Press Release: Hamilton Place Strategies/YouGov Polimetrix Financial Overhaul Poll
Poll Finds Financial Overhaul Draws More Concern Than Confidence
Modest Support for Reform Tempered By Economic Concerns; Skepticism.
Preventing Future Bailouts Outweighs Consumer Protection Agency as Most Important Goal of Reform.
Washington, DC — A new Hamilton Place Strategies/YouGov Polimetrix Poll finds that 44% of Americans generally support a Congressional overhaul of financial regulation compared to 30% who oppose it, but more than half worry about harmful effects on the economy and nearly three quarters doubt it will accomplish much.
A Majority Have Reservations and Doubts About Financial Overhaul
Just over half (52%) register strong concern that new regulations that will raise costs and reduce access to credit while an additional 19% expressed only some concern, 15% had little or no concern and another 15% were unsure. On the key issues of preventing future bailouts and protecting consumers, 70% have little or no confidence that Congress will pass new financial regulations that “reduce or eliminate” the need for future bailouts while 72% lack confidence that the law will “significantly improve” the way “financial institutions treat customers by giving customers more rights.”
Avoiding Future Bailouts Seen as Top Reform Priority
Reducing the need for future bailouts is seen as the most important goal of financial regulatory reform by 33% followed by greater regulation of complex financial products (14%) and a new Consumer Financial Protection Agency (12%). A ban on proprietary trading by banks (the “Volcker Rule”) garners 9% while authority to wind down failing financial firms barely registers at 3%.
CFPA Not a Huge Priority for Democrats; In Single Digits Among Independents
Surprisingly, only 22% of Democrats place a new CFPA atop their list of priorities for regulatory reform. Among Democrats, the CFPA ties with regulating complex financial products (22%) and preventing future bailouts (21%). Just 7% of Independents see the CFPA as the most important goal of financial reform, roughly the same as Republicans (6%).
Tepid Support For Financial Overhaul Among Independents, But Many Are Unsure
Support among independents for a financial overhaul is tepid with 37% favoring, 32% opposing and one in three (31%) not sure. Independents are neither in favor nor opposed as a group–they are as likely to report they are not sure whether they favor or oppose financial regulatory reform as take a side.
Public May Have Yet to Tune Into Financial Reform
While just over half (55%) say they are following financial overhaul efforts in Congress at least somewhat closely, the large numbers who say they are unsure about whether they support or oppose financial reform legislation (25%) indicates that people may be starting to pay attention but have not begun to focus on it.
Financial Reform Seen as Important, However Not a Top Priority
While 41% rate financial reform as important, only 18% put it in the higher category of one of Congress’ top one or two priorities, 21% say financial overhaul should not be a priority at all, and 18% are not sure.
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