A new survey by Greenberg Quinlan Rosner Research, released on the fourth anniversary of the Dodd-Frank banking regulations, shows that most Americans want a tougher crackdown on Wall Street.
Following the call for stronger state action is the patent distrust of the financial industry by Americans. Approximately 64 percent of voters and 62 percent of voters who stock holders believe “the stock market is rigged by those who know how to manipulate the system.” For 55 percent of these voters, the purpose of Wall Street is to “hurt everyday Americans by pouring money into ‘get-rich-quick’ schemes rather than real businesses and investments.”
On corporate CEOs, voters seem to be divided. Exactly 50 percent hold unfavorable opinions of CEOs of large firms, and on the whole, 45 percent of voters hold a negative view of Wall Street directly. Big banks take the biggest hit, although with a 51 percent negative rating, they only just slightly edge over corporate CEOs.
“As this survey confirms, American voters from every part of the political spectrum still correctly see that Wall Street’s too-big-to-fail banks remain a real danger to their jobs, savings, retirements and homes, and they want to be protected,” said Dennis Kelleher, CEO of Better Markets.
Legislators quickly brought in Dodd-Frank as a knee-jerk reaction to the 2008 financial crisis, which has led to widespread bipartisan dissatisfaction with its implementation. According to the poll, 90 percent of voters are dissatisfied with the federal government’s actions toward Wall Street, and an additional 60 percent wanted a tougher crackdown on the industry through increased regulations.
House Financial Services Chairman Jeb Hensarling argues Dodd-Frank was promoted via a false narrative. “In their version of history, an alchemy of Wall Street greed, outsized risk and massive Washington de-regulation almost blew up the planet,” Hensarling said. ”This necessitated massive taxpayer bailouts and a functional occupation of our capital markets.”
The poll was conducted by Greenberg Quinlan Rosner Research on behalf of the left-leaning group Better Markets.
The survey drew from a sample of 1,000 potential voters, and has a margin of error of plus or minus 3.5 percentage points.
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