Memo to Interested Parties

From:

Wes Anderson

Date:

2/8/2016

RE:

Dodd-Frank Survey

Methodology
The following survey was conducted by OnMessage Inc. in 30Congressional Districts (CDs).
Live telephone interviews were conducted January 18-20, 2016. The survey consists of 1200
likely voters and was stratified by geography to reflect historic voter presidential cycle turnout.
The margin of error for this study is +/-2.82%
We recently came out of the field with a survey for American Action Forum of 18 congressional
districts across the United States, investigating Dodd-Frank and other key issues related to the
financial services industry and congressional action. The districts were broken into three groups
to gain an understanding of the views of different parts of the population. The groupings were as
follows: conservative stronghold districts (R+9 to R+19), conservative advantage districts (R+3
to R+8), and swing districts (D+8 to R+2)
Key Findings
Attitudes Toward Government Regulation
More voters surveyed believe that big government has had more of a negative impact
on their personal financial situation than big Wall St. Banks.
Which of the following do you think has had more of a negative impact on your personal financial situation
over the last decade, (ROTATE) big government or big Wall Street Banks.
47%
33%
21%

Big Government
Big Wall Street Banks
DK/Refuse (Vol)

Bigger Negative Impact

Big Government
Big Banks

Competitive
47
33

Advantage
50
37

Stronghold
50
26

Independents are closely divided on this issue with 39% citing big government, 36%
citing big banks and 25% unable to choose between the two.

A majority of voters surveyed believe the avalanche of new federal regulations issued
under the Obama Administration is strangling our economy, killing jobs, and eating away
at our freedoms.

As you may know, there has been a lot of debate these days about the rate of new federal regulations. With the
in mind which of the following statements comes closest to your opinion? (ROTATE)
54%

Some people say that under President Obama the federal government has issued an avalanche of
new regulations which are strangling our economy, killing jobs and eating away at our freedoms.
Other people say that under President Obama the federal government has finally issued much
needed regulations to protect our environment, consumers, and keep Wall Street in check.
DK/Refused (Vol)

35%
11%

Govt. Regulation
Strangle Economy
Much Needed

Competitive
52
37

Advantage
51
40

Stronghold
60
28

Blame for the 2008 Financial Crisis

When offered three reasons for the 2008 financial crisis 45% of the voters cited greedy
Wall St. executives. Only 30% blamed government regulations that forced banks to
make bad loans, while 10% blamed natural economic cycles.

Thinking again about financial crisis of 2008, please tell me which of the following was the greatest cause of
the crisis (RANDOMIZE)
30%
45%
10%
10%
5%

Government regulations that forced banks to make millions of risky home loans.
Greedy Wall Street executives who gambled on the housing market bubble, endangering the
financial system.
Natural economic cycles that all but guaranteed that a recession would occur.
All of the above (Vol)
DK/Refuse (Vol)

This finding reinforces the fact that voters, especially Independents, are certain that Wall
St. Greed played a major role in the 2008 financial crisis. But hang on and keep reading.

CRITICAL FINDING: A strong majority (65%) agree with the statement that the
Obama Administrations assertion that the lack of government regulation was to blame is
wrong. In fact, that question pits the administrations narrative against the narrative that
government policies that encouraged reckless loans was to blame for the 2008 crisis.
This message doesnt include greedy Wall St. Executives. Theres a very important
message lesson in this these findings. Specifically, voters, especially Independents,
believe that those on the left will always be tougher than those on the right when it comes
to Wall St. executives. At the same time, voters, especially Independents, tend to believe
that right-leaning policymakers will be more critical of big institutions than their
colleagues on the left. In short, targeting the excesses of individual Wall St. leaders

favors the left, but addressing big financial institutions with careful skepticism (as they
do with big government) is effective for those on the right.
Please tell me if you agree or disagree with the following statement. Although the Obama Administration
claims that lack of regulation caused the financial crisis of 2008, the real cause was misguided federal policy
that encourage banks to offer loans to people who could not pay them back, leading to a nationwide real estate
crash. (IF AGREE/DISAGREE, ASK: And do you strongly agree/disagree or just somewhat agree/disagree?)
65%
30%
35%
26%
12%
14%
9%

TOTAL AGREE
Strongly Agree
Somewhat Agree
TOTAL DISAGREE
Strongly Disagree
Somewhat Disagree
DK/Refused (Vol)

Agree
Disagree

Competitive
61
29

Advantage
66
28

Stronghold
68
23

Agree
Disagree

Conservatives
73
18

Independents
63
28

Liberals
55
36

CRITICAL FINDING: Sixty-three percent of voters surveyed say they are unfamiliar
with Dodd-Frank. Associating Dodd-Frank with overly burdensome regulations and a big
government effort makes the public more likely to oppose the law.

CRITICAL FINDING: The current favor/oppose on Dodd-Frank is very evenly split at

37% favor to 39% oppose with 24% undecided. Independents favor Dodd-Frank 43% to
31% with another 26% uncertain on the issue. At the same time, six in ten (61%)
Conservatives oppose Dodd-Frank. Dodd-Frank has little definition outside of the rightleaning base and is more favored than opposed among Independents. This poll indicates
that the more voters know about Dodd-Frank, the more likely they are to oppose it.

Three messages resonate best when discussing the failures of the Dodd-Frank Act. They
include:
o Dodd-Frank was aimed at Wall St. but hit Main St. hard, killing many small,
community banks.
o Unlike small community banks, Dodd-Frank allows big Wall St. banks to get
special treatment when they get in trouble.
o Dodd-Frank hurts regular people. Over 75% of banks offered free checking
before Dodd-Frank. Now that percentage is down to just 39%.

One more message was effective with Conservatives:

o Dodd-Frank makes bailouts for too-big-to-fail banks a requirement of federal law.
This message did well with Independents as well.

Conclusion
After providing more details about the Dodd-Frank Act, voters surveyed turned sharply against
the Act, 22% favor, 65% oppose. Over 60% of voters in Competitive, Advantage, and
Stronghold districts opposed the Act after hearing more about it. Post-message opposition was
highest among Conservatives and Independents, and 41% of Liberals opposed the Act.
Associating Dodd-Frank with this administrations overall financial regulatory effort shifts voter
opinion toward opposition of the Act.