POLITICS - Behind the Numbers, Financial Reform

"Most back stricter financial reform, advantage Obama" by Jon Cohen, Washington Post 4/26/2010

About two-thirds of Americans support stricter regulations on the way banks and other financial institutions conduct their business, according to a new Washington Post-ABC News poll.

Majorities also back two main components of legislation congressional Democrats plan to bring to a vote in the Senate this week: greater federal oversight of consumer loans and a company-paid fund that would cover the costs of dismantling failed firms that put the broader economy at risk.

A third pillar of the reform effort draws a more even split: 43 percent support federal regulation of the derivatives market; 41 percent are opposed. Nearly one in five - 17 percent - express no opinion on this complicated topic.

President Obama, who traveled to New York last week to deliver his case for sweeping changes to the financial system gets an even-up review of his performance on the issue, with 48 percent of those polled approving of his handling of financial regulation and 48 percent disapproving.

But compared with congressional Republicans, Obama has a clear advantage. A slim majority - 52 percent - of all Americans says they trust Obama over the GOP on the issue, while 35 percent favor the Republicans in Congress. Independents prefer Obama 47 to 35 percent, with 16 percent trusting neither side on the issue.

In the poll, most Democrats back each of the three major elements of the reform legislation and most Republicans oppose them, echoing the congressional showdown expected this week.

The area with the highest levels of cross-party support is on more robust federal oversight of the way banks and other financial companies make consumer loans, such as auto loans, credit cards and mortgages. Here, 44 percent of Republicans approve of stricter guidelines, joining 75 percent of Democrats and 57 percent of independents on the issue.

In this poll, support for new federal regulation was about the same for "banks and other financial institutions" as for "Wall Street firms." A recent Gallup poll taken before Obama took his case for reform to New York last week showed somewhat greater support for new laws aimed at Wall Street, suggesting the phrase had become a pejorative.

Q: Do you approve or disapprove of the way Obama is handling regulation of the financial industry? Do you approve/disapprove strongly or somewhat? Regulation of the financial industry

--- Approve --___-- Disapprove -- No
NET_Stgly_Smwht__NET_Smwht_Stgly__opinion 48___22_____26____48___14____33____4

Q: Whom do you trust to do a better job handling [ITEM] - (Obama) or (the Republicans in Congress)?

Regulation of the financial industry ________________Both_____Neither___No Obama___Reps___(vol.)____(vol.)____opinion 52______35_______1________11_______2

Q (HALF SAMPLE): Do you support or oppose stricter federal regulations on the way banks and other financial institutions conduct their business?

__________---- Support ---- __________NET___Much___Smwht___Oppose____No opinion 4/25/10___65_____34_____32_______31__________4 2/8/10____62_____36_____26_______34__________3 2/22/09___76_____49_____27_______22__________2

Q (HALF SAMPLE): Do you support or oppose stricter federal regulations on the way Wall Street firms conduct their business?

__________---- Support ---- __________NET___Much___Smwht___Oppose___No opinion 4/25/10___63_____35_____28_______29________8

Q: Please tell me whether you support or oppose each of these items. Do you feel that way strongly or somewhat?

a. Having the federal government regulate the complex financial instruments known as derivatives

_________---- Support -----___----- Oppose -----_____No _________NET___Stgly___Smwht___NET___Smwht___Stgly___opinion 4/25/10__43_____16______26_____41_____19______21_____17

b. Requiring large banks and other financial companies to put money into a fund that would cover the cost of taking over and breaking up any large financial company that fails and threatens the broader economy

________----- Support -----___------ Oppose -----____No _________NET___Stgly___Smwht___NET___Smwht___Stgly___opinion 4/25/10__53_____27______26_____42_____18______24______5

c. Increasing federal oversight of the way banks and other financial companies make consumer loans, such as mortgages and auto loans, and issue credit cards

________----- Support -----___------ Oppose -----____No _________NET___Stgly___Smwht___NET___Smwht___Stgly___opinion 4/25/10__59_____36______23_____38_____15______24______2

This poll was conducted April 22 to 25, among a random national sample of 1,001 adults. Interviews were conducted on conventional and cellular telephones. The results from the full sample have a margin of sampling error of plus or minus three percentage points.