New Poll Shows Strong Support for Wall Street Reform

by admin in Financial Reform News

WALL STREET REFORM POLLING MEMO

See below a new polling memo from Benenson Strategy Group on the strong support for Wall Street Reform.

TO:                   Interested Parties

FROM:              Joel Benenson

RE:                   American Support for Wall Street Reform

DATE:               June 28, 2010

  • Americans show strong support for Wall Street reforms and believe that it is urgent that Congress acts to pass them.
    • Moreover, the debate offers an important and much-needed opportunity for Congressional Democrats to demonstrate to voters that they are working to hold Wall Street accountable by standing on the side of Main Street.
  • Public polling has shown strong support for Wall Street reform, with the highest levels of support found when the legislation is depicted as strict on big banks.
    • Gallup found that 55% favored Congress passing new legislation that would “expand government regulation of major financial institutions, while only 41% opposed them (USA Today/Gallup, 6/13).
    • CNN, meanwhile, found that 60% favored “increas[ing] federal regulation over banks, Wall Street investors, and other financial institutions.” (CNN, 5/23)
      • It is worth noting that Wall Street reform has gained support as the debate has continued. In March, CNN found that only 53% supported increasing regulation, 7 points lower than their May number. (CNN, 3/21)
  • Wall Street Reform has become more popular during the Congressional debate and this growing strength is due to increased support among Independents.
    • In March, 51% of Independents supported reform and 46% opposed it. (CNN, 3/21)
    • In May, 59% of Independents supported reform and 40% opposed it, a 14-point increase in the gap between favor and opposition. (CNN, 5/23)
  • Even these strong numbers may conceal the breadth of support for strict regulations over Wall Street and big banks.
    • When asked how important it was to pass legislation over the coming months “to more strictly regulate financial institutions,” 82% say that it is important, including 54% who say that it is very important. (Pew, 5/16)
  • NBC found that 57% of Americans believe that we need more regulation on Wall Street firms than we have now, compared to only 15% who believe we need less.
    • Wall Street firms were second only to oil companies, on which 65% of Americans believe we need more regulation. (NBC/WSJ, 6/23)
  • The fact that the desire for regulation of Wall Street firms is nearly as strong as the desire for greater oversight of oil companies, even in the midst of the BP oil spill, suggests that voters continue to fault the reckless actions on Wall Street for the recession and are looking for protections against future financial crises.
  • By fighting to hold Wall Street accountable, supporters can demonstrate their connection to the concerns of ordinary Americans who hold big banks and the recklessness on Wall Street responsible for the recession and drive strong contrasts with opponents, who are seen as in league with big banks and Wall Street.