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Four in Five Americans See FinReg as Ineffectual

Bloomberg polls the masses, and finds that they do not think much of the Dodd-Frank Wall Street reform bill. Some headline numbers:

  • Nearly four in five say “they have just a little or no confidence that the measure … will prevent or significantly soften a future crisis.”
  • Three in four say “they don’t have much or any confidence the proposal will make their savings and financial assets more secure.”
  • About half say the bill “will do more to protect the financial industry than consumers.”

And, to top it all off, a quote from the area man: “Banks and the government are making out, not the ordinary person. … We’re going to have another crisis and worse.” That said, more and more respondents say they support tougher regulations, and three out of four support stronger measures to keep banks in check. Republicans, as well as Democrats, are for stronger oversight. I would not be surprised if, as with health care reform, the big, complicated bill became more popular over time.

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