Bonds News

Most Americans want financial reform now -US poll

WASHINGTON, March 25 (Reuters) - Fifty-nine percent of Americans want Congress and the president to reform the financial system now, said a poll released on Thursday.

Half of the 1,000 people surveyed said they would feel more favorable toward their member of Congress if he or she voted in favor of tighter oversight of financial firms.

The Pew Financial Reform Project said the March 4-8 national poll was conducted by a bipartisan team questioning people who were highly likely to vote in 2010.

“It’s clear that voters overwhelmingly favor financial reform that will protect consumers, create an early warning system, improve transparency and end the dangerous ‘Too Big To Fail’ dynamic,” said John Morton, managing director of Pew’s economic policy group in a statement.

“These results send a message that Congress should take action now to fix the current system and to prevent another crisis down the road,” Morton said.

Congress is still debating financial reform, two years since the collapse of former Wall Street giant Bear Stearns ushered in a severe banking crisis that tipped the economy into a deep recession and unleashed reform efforts worldwide.

President Barack Obama proposed a raft of reforms in mid-2009. The House of Representatives approved most of them in December. The Senate Banking Committee on Monday approved a bill. The full Senate is expected to take it up in April. (Reporting by Kevin Drawbaugh, Editing by Chizu Nomiyama)