The Dodd-Frank Act is celebrating its two-year anniversary and a recent survey found that the vast majority of Americans support the Act and the creation of the Consumer Financial Protection Bureau. The survey was commissioned by The Center for Responsible Lending, Americans for Financial Reform, the AARP and the National Council of La Raza.
The survey found that 73 percent of voters, regardless of political affiliation, support the Dodd-Frank Act and 66 percent of voters favor the creation of the Consumer Financial Protection Bureau. The survey also showed strong support for the rights of individual States to pass and enforce consumer protection laws and prevent federal law from overriding them, with two thirds of voters supporting State regulation. The survey also made it clear that a majority of voters, a whopping 92 percent, favor simpler disclosures for mortgages, credit cards, cars and other products. Voters also strongly support s searchable complaints database for consumers to report unfair financial practices.
Senate Banking Committee Chairman Tim Johnson noted that the survey "provides us more evidence that Americans continue to support strong, effective financial oversight laws and an independent consumer financial watchdog."