It has been ten years since the Wall Street Reform and Consumer Protection Act (Dodd-Frank) was signed. Given the complex nature of rule writing and the fact that fifteen regulators were involved, not all rules were finalized or implemented. Since Trump came into power, many of the rules that were finalized have been tailored and watered down. Yet, in the vast majority of both Democratic and Republican voters want strong consumer financial protections and tough regulation of the financial services industry.
Yesterday, in an Americans for Financial Reform and Center for Responsible Lending sponsored-event, Lake Research Partners presented polling data, which shows that when in comes to a desire for tougher regulations for Wall Street, the word bipartisanship still exists.
Lake Research Partners’ key findings were:
· Over nine in ten voters (91%) say it is important to regulate financial services and products to ensure they are fair to consumers, including 68% who say it is very important.
· Nearly three-quarters of voters (74%) believe that Wall Street financial companies should be held accountable with tougher rules and enforcement, while only one in ten (10%) believe that their practices have changed enough that they don’t need further regulation.
· More than half of voters feel that Wall Street and big corporations have gotten too much help from the government in response to the COVID-19 crisis (56%), while less than one in ten (8%) believe that they did not get enough help. Less than a quarter (23%) of voters feel that Wall Street received about the right about of aid.
· Three-quarters (75%) of voters also believe there should be more government regulation of financial companies, such as Wall Street banks, mortgage lenders, payday lenders, debt collectors,