With Senate negotiations continuing on a comprehensive financial reform bill, an AARP survey of consumers 50 and older suggests overwhelming support for financial reforms and consumer protections among Republicans, Democrats and Independents.
"Older Americans, whose retirement nest eggs were decimated by the failure of an outdated and compromised financial regulatory system, overwhelmingly say they want reform," said Nancy LeaMond, Executive Vice President at AARP.
According to the survey, there is strong support among consumers 50+, regardless of party affiliation. "They want clear information so they can make better, more informed decisions and greater transparency about the financial products available to them," said LeaMond.
The survey revealed broad agreement among Republicans, Democrats and Independents for a number of initiatives, including:
? Requiring banks to use plain language to explain the terms and conditions of loans, including mortgages, and credit card debt. (Republicans (98 percent), Democrats (95 percent), and Independents (96 percent).)
? Requiring companies that manage 401(k) retirement plans to explain the fees they charge to participants. (Republicans (93 percent), Democrats (94 percent), and Independents (92 percent).)
? Enabling consumers to check an investment advisor's record to see whether they have had any prior violations or been charged with professional misconduct. (Republicans (95 percent), Democrats (89 percent), and Independents (95 percent).)
? Requiring investment companies to disclose the costs, risks and benefits of all the financial products they market and sell using plain language. (Republicans (91 percent), Democrats (91 percent), and Independents (95 percent).)
? Allowing states to enact consumer protection laws that are stronger than federal laws. (Republicans (68 percent), Democrats (67 percent), and Independents (66 percent).)
? Holding financial salespeople who engage in deceptive marketing practices accountable. (Republicans (92 percent), Democrats (89 percent), and Independents (90 percent).)
AARP has called for increasing consumer protections, including an agency that will work on behalf of consumers; creating regulations that arm consumers with needed information; increasing accountability in the banking and financial industry; and, streamlining and unifying consumer protection efforts currently divided among seven agencies.
The House has already passed the Consumer Financial Protection Agency Act of 2009 , which would create a consumer financial protection agency within the federal government.
Copyright 2010 consumeraffairs.com
