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New Survey Reveals Voters Prefer Dodd Frank Act

A new study from ""Lake Research Partners"":www.lakeresearch.com/ is revealing the popular perspective on the controversial Dodd Frank Act. The poll, which was commissioned by ""AARP"":www.aarp.org/, the ""Center for Responsible Lending"":www.responsiblelending.org/, ""Americans for Financial Reform"":ourfinancialsecurity.org/, and the ""National Council of La Raza"":www.nclr.org/, showed that voters are generally in favor of the legislation.

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Generally, voters participating in the survey supported Dodd Frank by a 53-point margin. Republican respondents favored the bill by a 20-point margin, while Democrats displayed a stronger preference with an 83-point margin. Independents weighed in, showing a 50-point margin in favor of the act.

Lake Research also asked those responding to evaluate the ""Consumer Financial Protection Bureau (CFPB)"":www.consumerfinance.gov/, and voters sided with the CFPB by a 40-point margin.

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Additionally, 66 percent of participants and 69 percent of independents agreed that the ""CFPB is needed.""

Commenting on the report, Lake Research's David Mermin said, ""This poll shows that American voters broadly and strongly support both Wall Street reform and the CFPB. And they strongly favor specific components of the CFPB. After hearing arguments in support and in opposition, voters across party lines solidly favor the reform law.""

Specifically, the poll found that tougher rules and enforcement for Wall Street's financial companies was top of mind for voters, with 73 percent supporting the regulations targeting the sector. A large majority, 92 percent, also favored policies that would mandate more transparent information on rates, terms, and fees from banks, mortgage lenders, credit card companies, and student and auto loan providers.

Lisa Donner, executive director of Americans for Financial Reform, noted, ""The message for Congress is unmistakable:├âÔÇÜ├é┬áVoters across the board are intensely supportive of stronger consumer protections. Strong majorities of voters across party lines say we need tougher rules for Wall Street and they do not want Congress to override a state's ability to enforce stronger consumer protections at the state level.""

Gary Kalman, director for the Center for Responsible Lending's federal policy division, spoke out as well, stating, ""Bipartisan support among voters should be no surprise: Who hasn't been hurt by the economic downturn?├âÔÇÜ├é┬áPeople get that common sense oversight could have prevented it.""

About Author: Abby Gregory

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