FOR IMMEDIATE RELEASE

Nov. 20, 2023

CONTACT
Carter Dougherty
carter@ourfinancialsecurity.org

New Poll Shows Strong Support for Tough Regulation of Wall Street
Survey also registers alarm at financialization of health care

Washington, D.C. – A new survey by a bipartisan set of pollsters, Lake Research Partners and Chesapeake Beach Consulting reveals support for tough regulation of the financial services industry and acute alarm at Wall Street’s move to buy up health care companies.

The poll, commissioned by Americans for Financial Reform and the Center for Responsible Lending, is consistent with a decade of opinion research that reveals support for reining in this industry across demographic groups, and among Democratic, Republican and Independent votersThe banking crisis in early 2023 has fortified this view. 

“Whether it’s taking a tough line with too-big-to-fail banks safeguarding financial stability, or protecting consumers, voters of all parties support Wall Street reform,” said Renita Marcellin, legislative and advocacy director at Americans for Financial Reform. “And they are deeply skeptical of elected officials who do the bidding of banks.”

Strong majorities also view with alarm the rising presence of Wall Street in health care, a development that often leads to lower-quality treatment and higher costs. Private equity companies have bought up a diverse set of health-related companies, including nursing homes, anesthesiology practices, medical device manufacturers, and emergency staffing services.

“Private equity’s entry into health care has been a disaster in many ways,” said Ricardo Valadez, campaign manager for private equity at AFR. “Wall Street buys these companies to make a quick buck, not to improve care or expand access.”

Cryptocurrency, an emerging industry that bills itself as an alternative to Wall Street, fares little better in the eyes of voters. Repeated scandals and outright fraud have strengthened voters’ desire to see traditional tough regulation, not a special set of rules for itself.

“The crypto lobby’s desire for rules it can influence doesn’t square with the public’s desire for a tough approach by regulators,” said Mark Hays, senior policy analyst at AFR. “Voters are not fooled by the industry’s deceptive self-promotion.”

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