WaPo/ABC news has just posted a new poll in which 2/3 of Americans support Financial Reform. Another caution to Republicans is that Americans overwhemlming trust Obama over Republicans in Wall Street Reform.
http://abcnews.go.com/...
Republicans KNOW that they have a bad hand right now so unclear what their strategy is in blocking in mass this afternoon the debate for Wall Street reform.
Republicans know (and more importantly Democrats know) that in the end the Republicans will cave on this. Thus for Democrats the most important thing is to keep the bill as strong as possible with as minimal loopholes as possible which the GOP are trying to create.
A new WaPo/ABC news poll demonstrates that Americans WANT Wall Street reform.
Two-thirds of Americans support stricter federal regulation of banks and other financial institutions, and by a double-digit margin the public trusts President Obama above the Republicans in Congress to handle the issue – a caution flag for the GOP in an election year.
The public supports reform overall by 65-31 percent, a broad margin that's been steady since mid-winter, and favors Obama over the Republicans in trust to handle it by 52-35 percent, a 17-point advantage for the president in this new ABC News/Washington Post poll.
However, there is a debate among Americans on how far to go and what is important in Wall Street reform.
One of the more popular items among Americans is Consumer Protection.
Among individual elements of reform, most popular is one that hits closest to home for most Americans – increasing federal oversight on consumer loans and credit card terms, with 59 percent in favor, 38 percent opposed.
Although Republicans are ranting about the $50 billion liquidation fund, the reality is that the majority of Americans SUPPORT the fund.
The public by 53-42 percent also favors creating a bank-funded liquidation fund to deal with large financial institutions that fail.
In terms of tightening derivatives the country is split on it but they may be a reflection that Americans don't understand it. But wealthier voters OVERWHELMINGLY support it.
But another element, regulating the financial instruments known as derivatives, gets a split decision, 43-41 percent; a substantial 17 percent have no opinion, perhaps reflecting the complexity of the subject. Support for regulating derivatives peaks, at 59 percent, among better-off Americans, with household incomes over $100,000 – a group with greater exposure to the equities markets.
Overall Wall Street reform is popular amongst Democrats, Independents, Liberals, & Moderats and even Republicans & conservaatives.
This is a WARNING to Republicans. Continuing to block it may be what Democrats need to mobilize their base for the midterms and pull Independents to their side in the Fall.